Edgar “Injap” Sia II’s MerryMart Consumer Corporation is set to acquire a majority stake in pharmacy chain Carlos Drugs-Lucena, better known as Carlos SuperDrug.
In a stock exchange filing on Monday, July 12, MerryMart said it is buying 67% of Carlos SuperDrug.
The current management team of Carlos SuperDrug will continue to run the operations in tandem with the MerryMart team.
Carlos SuperDrug was founded in 1946 by Diomedes and Generosa Carlos. It currently has 27 operating branches.
“We are excited to soon work with the Carlos Group to further grow the business and at the same time welcome the Pharmacy DNA to the MerryMart ecosystem,” said Sia.
Sia added that the group will “continue to keep its eyes open” for more mergers and acquisitions for both its grocery and pharmacy businesses.
“In addition to enhancing MerryMart’s range of pharmacy offerings, this transaction will give MerryMart greater market share in the region and increase its competitiveness,” said MerryMart chief finance officer Hannah Yulo-Luccini.
Aside from its store business, MerryMart also has wholesale and online groceries, as well as smart lockers.
MerryMart aims to have 1,200 branches nationwide and gain P120 billion in revenues by 2030.
Stocks of MerryMart surged 4% on Monday, becoming one of the day’s top gainers. – Rappler.com