Dairy Farm to have more shares in pharmacy
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Hong Kong retail giant Dairy Farm has received official approval to increase its stake in Philippine drugstore chain Rose Pharmacy.
It is doing this through its European investment vehicle Mulgrave Corporation, which has received the nod from the Philippine Board of Investments (BOI). It seeks to raise its shareholding in Cebu-based Rose Pharmacy from 49 to 51 per cent. Financial details of the deal have not been disclosed.
Rose Pharmacy has 252 pharmacies nationwide.
Trade undersecretary and BOI managing head Ceferino Rodolfo says that aside from increasing its stake in Rose Pharmacy, Mulgrave also plans acquisitions and to expand retail outlets.
Based in Amsterdam, Mulgrave Corporation runs supermarkets through a subsidiary. In turn, Mulgrave is a subsidiary of Dairy Farm International Holdings.
Questions & Answers
Q.Which entity has given approval for Dairy Farm to increase its stake in Rose Pharmacy?
Which entity has given approval for Dairy Farm to increase its stake in Rose Pharmacy?
The Philippine Board of Investments (BOI) has given its official approval. This allows Mulgrave Corporation, Dairy Farm's European investment vehicle, to proceed with increasing its shareholding in the Philippine drugstore chain.
Q.What is the new percentage of ownership Dairy Farm seeks in Rose Pharmacy?
What is the new percentage of ownership Dairy Farm seeks in Rose Pharmacy?
Dairy Farm aims to raise its shareholding in Rose Pharmacy from 49 per cent to 51 per cent. This will give them a majority stake in the Cebu-based pharmacy chain through their investment vehicle.
Q.What are Mulgrave Corporation's broader plans in the Philippines, according to the BOI?
What are Mulgrave Corporation's broader plans in the Philippines, according to the BOI?
Mulgrave Corporation, the investment vehicle for Dairy Farm, intends to expand its retail outlets and pursue further acquisitions in the Philippines. This indicates a wider growth strategy beyond just increasing its stake in Rose Pharmacy.
Q.How many branches does Rose Pharmacy currently operate across the Philippines?
How many branches does Rose Pharmacy currently operate across the Philippines?
Rose Pharmacy currently operates a total of 252 pharmacies nationwide across the Philippines. This extensive network makes it a significant player in the country's drugstore market.
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