by Business World
The Philippine Competition Commission (PCC) deemed that there is no basis to prohibit the move of Robinsons Retail Holdings, Inc. (RRHI) to acquire 100% of Rose Pharmacy following the completion of the competition watchdog’s review, according to the listed retailer.
In a stock exchange disclosure on Thursday, RRHI said that PCC had completed the motu propio review on the company’s acquisition of Rose Pharmacy on Oct. 5. The PCC’s mergers and acquisition office conducted the review, which began on Nov. 7 last year.
RRHI quoted PCC as saying that the Commission en banc “resolved to terminate the motu proprio review and take no further action on the completed acquisition, there being no sufficient basis to prohibit the same. The Commission issued the formal certification to this effect on Nov. 6.”
In September 2020, RRHI, through its subsidiary South Star Drug, Inc., acquired 100% of Rose Pharmacy from Mulgrave Corp. B.V., which is a wholly owned subsidiary of Dairy Farm International Holdings, Ltd.
The acquisition was completed on Oct. 30, 2020.
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