mergers and acquisitions

Injap Sia buys another pharmacy chain

Ralf Rivas
Injap Sia buys another pharmacy chain

Cecile's Pharmacy

MerryMart is set to acquire 51% of Cecile's Pharmacy, the largest drugstore chain in Zamboanga City

Edgar “Injap” Sia II’s MerryMart Consumer Corporation is acquiring another pharmacy chain, as it further expands in the drugstore space.

In a stock exchange filing on Monday, November 15, MerryMart said it is set to acquire 51% of Cecile’s Pharmacy, the largest drugstore chain in Zamboanga City. The amount of the deal was not disclosed.

Cecile’s Pharmacy has 21 stores. The current management team will continue to run the operations in tandem with the MerryMart team.

Sia said the acquisition “will add great value to the MerryMart Group’s ecosystem.”

“There are only very few drugstore chains in the Philippines that [have] been operational for decades and still remain to be the market leader and the top-of-mind brand in their respective market region,” he said.

MerryMart chief financial officer Hannah Yulo-Luccini also noted that “in addition to enhancing MerryMart’s trade volume in pharmacy and prescription drug items,” the transaction would improve cost efficiencies.

MerryMart earlier acquired 75% of Carlos Superdrug, a Quezon-based company with 27 branches. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.