{"id":127605,"date":"2017-10-31T00:39:10","date_gmt":"2017-10-31T04:39:10","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=127605"},"modified":"2025-01-12T01:51:08","modified_gmt":"2025-01-12T06:51:08","slug":"phoenix-petroleum-to-buy-familymart","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2017\/10\/31\/phoenix-petroleum-to-buy-familymart\/","title":{"rendered":"Phoenix Petroleum to buy FamilyMart"},"content":{"rendered":"
\"Phoenix
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(Photo by DocChewbacca\/Flickr, CC BY-SA 2.0)” width=”640″ height=”480″ \/><\/a> Phoenix Petroleum Philippines, Inc. (PNX) is foraying into the convenience retail market with the full acquisition of the franchisee of the FamilyMart brand of convenience stores. (Photo<\/a> by DocChewbacca\/Flickr<\/a>, CC BY-SA 2.0<\/a>)<\/figcaption><\/figure>\n

MANILA — Phoenix Petroleum Philippines, Inc. (PNX) is foraying into the convenience retail market with the full acquisition of the franchisee of the FamilyMart brand of convenience stores.<\/p>\n

PNX told the Philippine Stock Exchange (PSE) it signed Monday a memorandum of understanding (MOU) to acquire 100 percent of the outstanding shares of Philippine Family Mart CVS, Inc. (PFM) from SIAL CVS Retailers, Inc., FamilyMart Co., Ltd. and Itochu Corporation.<\/p>\n

SIAL CVS Retailers is a joint venture between ALI Capital Corp.<\/p>\n

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of Ayala Land, Inc. and the SSI Group, Inc.<\/p>\n

Phoenix Petroleum\u2019s potential acquisition of PFM complements its retail fuel business, with 518 stations nationwide, and marks its entry into the fast-growing domestic convenience retail market.<\/p>\n

\u201cPhilippine FamilyMart has built a reputation for convenience and fresh, quality offerings. We are pleased to have it as a strategic addition to the group as we broaden our products and services and offer greater convenience to our customers,\u201d said PNX President and Chief Executive Officer Dennis Uy.<\/p>\n

PFM is engaged in operating convenience stores under the trademark \u201cFamilyMart\u201d in company-owned and franchise-owned formats in the Philippines.<\/p>\n

It offers a range of products and services including ready to eat or fast food items, convenience store items, auto-loading, bills payment and ATM services. PFM currently has 67 stores all over the country.<\/p>\n

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<\/p>\n

ALI Senior Vice-President Jose Emmanuel Jalandoni, said \u201cwe are delighted that Phoenix Petroleum shares our vision for the continued growth of the FamilyMart brand in the Philippines.\u201d<\/p>\n

\u201cWe believe that they have a robust platform for taking FamilyMart to the next level and will be excellent stewards of the brand moving forward,\u201d he said in a separate disclosure to the PSE.<\/p>\n

The sale transaction will be subject to the approval of the Philippine Competition Commission.<\/p>\n

UBS AG Hong Kong Branch acted as Financial Adviser to the sellers in this transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA — Phoenix Petroleum Philippines, Inc. (PNX) is foraying into the convenience retail market with the full acquisition of the …<\/p>\n","protected":false},"author":33,"featured_media":127606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[30532,15613],"class_list":["post-127605","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-familymart","tag-phoenix-petroleum","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/127605","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=127605"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/127605\/revisions"}],"predecessor-version":[{"id":282645,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/127605\/revisions\/282645"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/127606"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=127605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=127605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=127605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}