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PCC approves Singapore firm's acquisition of Foot Locker Philippine owner

Business | The Stock Market

PCC approves Singapore firm's acquisition of Foot Locker Philippine owner

By Manila Bulletin Newsroom

(Ayala Malls Glorietta photo)

(Ayala Malls Glorietta photo)

A Singapore-based holding company is set to take over Indonesian retail giant PT Mitra Adiperkasa Tbk after receiving clearance from the Philippine Competition Commission (PCC).

In a statement, the PCC said the deal was approved after the country’s antitrust body found no risk of reduced competition in the local market.

The buyer, Pacific Universal Investments Pte. Ltd., will acquire shares in Jakarta-based PT Mitra from PT Satya Mulia Gema Gemilang, which holds a 51 percent controlling stake.

PT Mitra has a regional footprint of 3,832 stores across seven ASEAN countries, including 247 outlets in the Philippines. Its Philippine subsidiaries include MAP Active Philippines, which operates stores for brands like Foot Locker, Planet Sports, New Balance, Converse, and Skechers. Another subsidiary, Mapple Philippines Inc., sells Apple products.

In a decision dated Aug. 12, 2025, the PCC Mergers and Acquisitions Office determined that the transaction would not harm competition in the Philippines. R

egulators said the firms are not direct rivals and that other established retailers provide enough competition. The approval was issued under the Philippine Competition Act, which requires the PCC to vet major deals that could affect consumers.

Related Tags

Philippine Competition Commission (PCC)

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