Gokongwei Group’s retail arm assumes full ownership of Ministop Philippines

Gokongwei Group announces buyout of Ministop, one of the largest 24-hour convenience store chains in the Philippines. 

In a disclosure to the local bourse, Robinsons Retail Holdings Inc. (RRHI), the retail arm of the Gokongwei Group, said it would fully take over the Ministop franchise in the Philippines next month as it acquires Ministop Co. Ltd.'s 40% stake in their joint venture Robinsons Convenience Stores Inc. (RCSI), the exclusive franchisee of Ministop in the Philippines that operates around 460 stores nationwide.

This increases RRHI's share in the joint venture company from 60% to 100%, allowing it to assume full ownership of the Ministop business in the country.

RRHI assured that it will continue to operate the stores using the Ministop brand within the transition period agreed upon with Ministop Japan "until they are repurposed and appropriately rebranded" in consideration of signature ready-to-eat food offerings such as Uncle John's Fried Chicken and Kariman.

The latest disclosure comes after Nikkei Asia reported about the transaction, which also included Ministop's plan to pull out of South Korea, all in line with its goal to focus on its home market.

According to the report, the Japanese firm will sell its South Korean subsidiary to retail giant Lotte Group – the operator of the 7-Eleven chain in South Korea – for around $267 million.

Source: PSE Disclosure