From L-R: John Simpkins, DF Group Legal Manager; Neil Galloway, DF Group Finance Director; Robina Y. Gokongwei-Pe, RRHI President & CEO; James L. Go, RRHI Vice Chairman; and Lance Y. Gokongwei, RRHI Chairman.
Robinsons Retail Holdings, Inc. (RRHI) successfully acquired 100% stake in Rustan Supercenters, Inc. (RSCI) on November 23, 2018.
The acquisition of RSCI from Mulgrave Corporation, B.V. (MCBV), a subsidiary of Dairy Farm International Holdings, Inc. (DF), by RRHI was announced earlier this year and was finalized after being granted approval by regulatory agencies. The Securities and Exchange Commission approved the transaction last November 15, 2018, and the Philippine Competition Commission last August 16, 2018.
The transaction was done primarily through a share-swap agreement and DF executives Ian Mcleod and Kim Samuel Sanghyun have joined RRHI's Board of Directors.
RSCI's total network of 80 stores will now be part of RRHI’s food retail chains, which include Robinsons Supermarket, Robinsons Selections, Robinsons Easymart and Jayniths.