MANILA, Philippines—Retailer MerryMart Consumer Corp. (MM) has continued its expansion into the drug store business with the acquisition of 21-store Cecile’s Pharmacy, operator of the biggest pharmacy chain in Zamboanga.
MerryMart has signed an agreement to buy at least 51 percent of Cecile’s Pharmacy chain, which has been in the business for 57 years.
Cecile’s Pharmacy is cash flow- and net income-positive, MM said in a disclosure to the Philippine Stock Exchange on Monday (Nov. 15).
“There are only very few drug store chains in the Philippines that has been operational for decades and still remain to be the market leader and the top-of-mind brand in their respective market region,” said MM chair Edgar Sia II.
“Cecile’s Pharmacy chain is one of that select group that stood the test of time and we believe this acquisition will add great value to the MerryMart group’s ecosystem,” he added.
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Article was originally published in Inquirer and written by Doris Dumlao-Abadilla.