A unit of Robinsons Retail Holdings (RRHI) acquired popular drugstore chain Rose Pharmacy, as it aims to further expand its drugstore business in the Visayas and Mindanao.

RRHI told the Philippine Stock Exchange on Friday, October 16, that its subsidiary, Southstar Drug Store, signed a share purchase agreement with a subsidiary of Dairy Farm International, to acquire 100% of Rose Pharmacy Incorporated.

Rose Pharmacy was established by the Lim family in 1952 before it was fully acquired by Dairy Farm in 2018.

Rose Pharmacy is among the leading drugstore chains in the Philippines with nearly P9 billion in net sales in 2019 and over 300 stores in the Visayas and Mindanao.

The deal strengthens the Gokongwei group’s position in the drugstore business, as Southstar Drug – the 2nd oldest and established drugstore chain in the country – maintains a good hold in Metro Manila and the rest of Luzon.

“I am delighted that Rose Pharmacy will be part of our portfolio as it takes us back to our hometown in Cebu, where my father and JG Summit Holdings and RRHI founder John Gokongwei Jr started as an entrepreneur. Mr. John also admired Rose Pharmacy for its strong brand reputation in Visayas and Mindanao,” said Robina Gokongwei Pe, president and chief executive officer of RRHI. – Rappler.com