Robinsons Retail takes control of Saver’s
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Robinsons Retail Holdings, the Philippines-based department store operator, has taken a 90 per cent stake in home appliance chain Saver’s Appliance Depot.
Saver’s operates 24 stores in Central Luzon and eight in Cagayan Valley
Robinsons Retail president and COO Robina Gokongwei-Pe says partnering with Saver’s will strengthen and expand its exposure in the consumer electronics and appliance market.
“As the economy expands, discretionary spending is seen to surge ahead and this format should be a strong beneficiary,” said Gokongwei-Pe. “Also, the increasing scale of the group is expected to strengthen our market position in the industry.”
The settlement date of the deal and the purchase price has not yet been revealed.
MD Jaime Uy will continue in his role after the purchase.
“We are happy to become part of the Robinsons Retail Family. The group has proven track record in growing and retaining the equity value of the companies of businesses that they acquired,” Uy said.
Questions & Answers
Q.Which company has Robinsons Retail Holdings acquired a stake in, and what percentage is it?
Which company has Robinsons Retail Holdings acquired a stake in, and what percentage is it?
Robinsons Retail Holdings has acquired a 90 per cent stake in Saver’s Appliance Depot. This makes them the majority owner of the home appliance chain, which operates stores in Central Luzon and Cagayan Valley.
Q.How many stores does Saver's Appliance Depot currently operate and where are they located?
How many stores does Saver's Appliance Depot currently operate and where are they located?
Saver’s Appliance Depot currently operates a total of 32 stores. Twenty-four of these stores are located in Central Luzon, with the remaining eight stores situated in the Cagayan Valley region.
Q.What are Robinsons Retail's strategic reasons for this acquisition?
What are Robinsons Retail's strategic reasons for this acquisition?
Robinsons Retail aims to strengthen and expand its presence in the consumer electronics and appliance market. They anticipate that increasing discretionary spending as the economy grows will benefit this format, and the acquisition will boost their market position.
Q.Will Saver's Appliance Depot's existing management continue in their roles after the acquisition?
Will Saver's Appliance Depot's existing management continue in their roles after the acquisition?
Yes, Saver's Appliance Depot's current Managing Director, Jaime Uy, will continue in his role. He expressed satisfaction about becoming part of the Robinsons Retail family following the purchase.
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