Injap Sia Getting Into Drugstore Business, Buys Popular Quezon Province Chain
Listed MerryMart Consumer Corp has completed its acquisition of a controlling interest in the Carlos SuperDrug chain of drug stores popular in Quezon Province.
In a disclosure to the Philippine Stock Exchange, the company founded and chaired by tycoon Edgar “Injap” Sia said it bought 287,856 common shares of the drugstore chained owned by the Carlos Family, which is equivalent to 71.96 percent of the company. In addition, MerryMart will infuse an additional P50.29 million capital in exchange for 50,000 common shares, bringing its total ownership to 75.08 percent.
Founded in 1946 in lucena City, the 75-year-old drugstore chain is the biggest in Quezon Province by the husband-and-wife team of Diomedes and Generosa Carlos. It currently has 27 branches across the province, which will now be part of MerryMart’s goal of having branches of its retail network by the end of 2021. The company has said it plans to have a total of 1,200 branches of its store network by 2030.
“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 while strengthening its supply chain as MerryMart continues to strive to deliver better value to its customers and stakeholders,” said MerryMart chief financial officer Hannah Yulo-Luccini.
MerryMart currently has a range of retail store formats, including MerryMart Store, MerryMart Grocery, MerryMart Wholesale and Dark Groceries.
Sia’s company first announced its planned acquisition of the Carlos SuperDrug in July this year. It also said the drugstore chain’s current management team will continue to run the company alongside the MerryMart team.