Phoenix Petroleum Philippines, Inc. (PSE:PNX) has signed a Memorandum of Understanding to acquire Philippine FamilyMart (PFM), the third largest convenience store brand in the country.
The MOU was signed on October 30, 2017 between Phoenix Petroleum and SIAL CVS Retailers, Inc. (a joint venture between ALI Capital Corp. of Ayala Land, Inc. and the SSI Group, Inc.), FamilyMart Co., Ltd., and Itochu Corporation, for the planned 100% acquisition of PFM. The acquisition will be subject to the approval of the Philippine Competition Commission.
Phoenix Petroleum’s potential acquisition of PFM complements its retail fuel business, with 518 stations nationwide, and marks its entry into the fast-growing domestic convenience retail market.
“Philippine FamilyMart has built a reputation for convenience and fresh, quality offerings. We are pleased to have it as a strategic addition to the group as we broaden our products and services and offer greater convenience to our customers,” said Phoenix Petroleum President and CEO Dennis Uy.
PFM is engaged in operating convenience stores under the trademark “FamilyMart” in company-owned and franchise-owned formats in the Philippines. It offers a range of products and services including ready to eat or fast food items, convenience store items, auto-loading, bills payment, and ATM services. PFM currently has 68 stores in Luzon.
Phoenix Petroleum is the leading independent oil company in the Philippines, engaged in the trading and marketing of refined petroleum products, including LPG, and lubricants, operation of oil depots and storage facilities, hauling and into-plane services.