The Securities and Exchange Commission has approved the merger of Robinson’s Supermarket Corp. (RSC), a wholly-owned subsidiary of Robinsons Retail Holdings, Inc., with Robinsons Convenience Stores, Inc. (RCSI).
Under the approved terms and conditions of Articles and Plan of Merger, Robinsons Supermarket will be the surviving entity while the convenience store unit will cease to exist.
The merger was approved by the RSC Board of Directors last April and approved by the SEC last Dec. 19 and RRHI received a copy of the approval on Dec. 22. It will take effect on July 1, 2023.
Under the merger, RSC shall issue 16.68 million shares with a par value of P1 per share in exchange for the net assets of RCSI, as of its audited financial statements for the period ended June 30, 2022.
“The merger of RCSI with and into RSC is anticipated to reduce operational costs, increase synergies and ensure more efficient use of resources,” said RRHI in a disclosure to the Philippine Stock Exchange.
It added that, “The merger is not expected to have any significant effect on the business, financial condition, and operations of RRHI.”
RCSI recently rebranded its Ministop stores to Uncle John’s after buying out its Japanese partner. The new name banks on the popularity of its best-selling product, Uncle John's Fried Chicken. It is also a celebration of the legacy of RRHI’s late founder, John Gokongwei, Jr.
The new banner name was the winning entry in a contest held in April which asked for suggestions for a new name for the store. With over 80,000 participants, Uncle John’s came up as the top choice among the entries.
“Uncle John's has become a household name for consumers on-the-go, looking for convenient options without sacrificing quality and taste in food,” said RCSI General Manager Suresh Ramalinggam.
Ramalinggam noted that, “Using it as the platform in the reinvention of our stores provides us with a stronger brand story that our customers can relate to.”
Uncle John’s stores will continue to carry other Ready-To-Eat bestsellers such as Kariman while it will continue to diversify its menu and new food product offerings to the market.
Customers can also rely on its convenient e-services and bills payment facilities as well as the availability of basic necessities.
In February this year, Robinsons Retail acquired the 40 percent stake of Ministop Japan in RCSI. With this, RCSI is now a 100 percent Filipino owned company.