Robinsons Supermarket Corp., a wholly owned subsidiary of the Gokongwei Group’s Robinsons Retail Holdings Inc. (RRHI), is expanding into the motorcycle business by acquiring 100 percent of Lance Gokongwei’s Premiumbikes Corp. for ₱146.4 million.

In a disclosure to the Philippine Stock Exchange (PSE), RRHI said Robinsons Supermarket signed a share purchase agreement to acquire Premiumbikes following the approval of the transaction by the company’s board of directors.

Premiumbikes is a motorcycle retailer in the Philippines, currently operating 214 stores nationwide. The agreed purchase price of ₱146.4 million is equivalent to Premiumbikes’ audited book value for 2024.

RRHI said it engaged a third-party financial consultant to prepare a fairness opinion and valuation report on the Premiumbikes shares.

The transaction was reviewed by RRHI’s related party transaction committee, which subsequently endorsed it to the board of directors for approval.

The acquisition is subject to customary closing conditions, including regulatory clearance from the anti-trust watchdog Philippine Competition Commission (PCC).

With consistent profitability over the past few years, Premiumbikes is well-positioned for integration into a retail operator like RRHI.

For full-year 2024, Premiumbikes reported net sales of ₱4.17 billion, up 15.2 percent year-on-year, and earnings before interest, taxes, depreciation, and amortization (EBITDA) of ₱324.2 million, up 36.7 percent year- on-year.

“This acquisition enables Robinsons Retail to enter the growing motorcycle market in the Philippines, in line with its strategy to diversify revenue streams and expand into profitable retail formats,” RRHI said.

It noted that, “Rising demand for motorcycles points to a promising industry outlook. The market remains underpenetrated, with a motorcycle possession ratio of eight people to one motorcycle (8:1) in the Philippines, compared to 4:1 in Indonesia and Vietnam, and 3:1 in Thailand.”

“The Philippines still has a low motorcycle penetration ratio compared to other Southeast Asian markets, which gives us a lot of room to grow,” said Premiumbikes General Manager Joselito Valentino O. Pojol.

He added that, “We are excited to become part of the Robinsons Retail group and look forward to bringing our stores and services to more communities across the country.”

“This acquisition marks a key milestone for our company as we enter a new and fast-growing category that is also profitable,” said RRHI President and Chief Executive Officer (CEO) Stanley C. Co.

He noted that, “This move reflects our commitment to enhancing the retail experience and providing accessible, reliable, and affordable products that meet the evolving needs of Filipino consumers.”

As Manila Bulletin reported earlier, the latest figures from the Federation of Asian Motorcycle Industries (FAMI) showed that 746,016 motorcycles were sold in the Philippines from January to May 2024, representing an eight-percent increase from 688,790 in the same period in 2024.

Taking into account May alone, motorcycle sales rose to 150,781 units from 144,210 in the same month last year, FAMI’s data, sourced from the local industry group Motorcycle Development Program Participants Association Inc. (MDPPA), showed.