Philippine retail chain Robinsons acquires Jaynith's Supermarket
Robinsons Retail Holdings Inc, which is owned by the Gokongwei family, beefed up its retail network with the addition of three-store supermarket chain Jaynith's Supermarket. The retail giant is also planning to open more grocery outlets in 2014, according to Interaksyon.
Based on a Philippine Stock Exchange disclosure, Robinsons entered an agreement to purchase 100% of Jaynith's in a deal subject to closing conditions. The transaction was done through Robinsons Supermarket Corp, a wholly owned subsidiary of the retail giant, the report detailed.
Jaynith's is operated by its owner, JAS 8 Retailing Management Corp. The company has three stores in Pasig City, Rizal, and Laguna, the report said.
Robinsons Supermarket is planning to open 20 to 22 more stores in 2014 after ending 2013 with 91 branches nationwide. The Gokongwei-owned group is the Philippines' second largest multi-format retailer. The firm recently raised PHP620 million in an initial public offering (IPO) to fund its expansion, Interaksyon reported.
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