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.