MERRYMART Consumer Corporation has inked an agreement with Carlos Drugs-Lucena, Incorporated (Carlos SuperDrug) to acquire a majority stake in the pharmacy chain.
MERRYMART will acquire 67 percent of Carlos SuperDrug, a 75-year-old pharmacy chain in Quezon province, it said in a disclosure to the stock exchange.
Carlos SuperDrug has 27 branches.
The current management team of Carlos SuperDrug will run the operations of the company together with the MERRYMART team.
“We are excited to soon work with the Carlos Group to further grow the business and at the same time welcome the Pharmacy DNA to the MERRYMART ecosystem,” said MERRYMART chairman Edgar “Injap” Sia II.
Sia added that the company would keep an eye out for mergers and acquisition opportunities in the grocery and pharmacy space.
MERRYMART has set its Vision 2030, intending to have 1,200 branches nationwide. It also aims to generate P120 billion in systematic recurring consumer sales revenue./PN
