Robinsons Supermarket Corporation beefs up expansion plans in Northern Luzon with the acquisition of grocery chain Eurogrocer Corp for P290 million.
Subject to approval, the retail unit of Gokongwei-owned Robinsons Retail Holdings Inc. will be acquiring 100% of Eurogrocer, giving it access to six supermarkets branded as EZ Mart and EZ Supermarket in the province of Tarlac.
"The acquisition allows Robinsons Retail to expand its presence in the province of Tarlac and nearby provinces in the Central and Northern Luzon," the company said in a statement.
The move follows its stellar nine-month performance with consolidated net income up128.5% to P2.04 billion from P894.5 million year-on-year. Robinsons has expanded its store network to 982 at end-September, which is 111 more in the same period last year. It plans to end 2014 with 1,391.