Dennis Uy Acquires Family Mart Philippines
For some time, Family Mart has been making its name known as a competitive convenience retail store business along with 7-Eleven and MiniStop in the Philippines.
Family Mart acquired a reputation in the country for having a wide variety of fresh, quality product selection they offer to local patrons nationwide. This convenience store was introduced by the Ayala and Tantoco groups together with their Japanese partners and gained popularity not only among local patrons but to other nationalities as well.
In 2017, owners of Family Mart in the Philippines under the Ayala and Tantoco groups have signed a deal to sell the ownership of Family Mart to Phoenix Petroleum Philippine Inc., under Davao-based businessman, Dennis Uy.
Transferring of ownership would also mean undergoing a lot of process including the acquisition of approval from the Philippine Competition Commission, settling of other necessary and important documents of transfer, and stating of company disclosure to the Philippine Stock Exchange (PSE).
The year 2018, however, marks another milestone for Mr. Dennis Uy as he completes his 100% buyout of the Family Mart Philippines Inc.
In a separate disclosure made by the management of Phoenix Petroleum, they have stated that despite Japanese partners selling their share, a new and exclusive franchise agreement for Family Mart will be granted to PFM, the official franchisee of the Family Mart brand in the Philippines.
After being cleared by the Philippine Competition Commission (PCC) last January 3, 2018, Family Mart will now be under the ownership of Phoenix Petroleum company, headed by Mr. Dennis Uy.
Source: Business Inquirer
Image Source: World of Buzz, Rappler, Entrepreneur Philippines
