Dairy Farm completes tie-up with Robinsons in Philippines

Philippine 50-peso notesPhilippine 50-peso notes

Dairy Farm International said on Friday that it completed the tie-up between its wholly owned food retail business, Rustan Supercenters, or RSCI, with Robinsons Retail Holdings, or RRHI, in the Philippines.

Singapore-listed Dairy Farm exchanged its interest in RSCI for new RRHI shares representing an around 12.15 percent stake, and it has acquired another 6.1 percent stake from the existing controlling shareholders, it said in a filing to SGX on Friday after the market close.

Combined with on-market purchases since 23 March, Dairy Farm has a total shareholding of 20 percent in RRHI, it said.

The controlling shareholders, the Gokongwei family, retained a 51 percent stake in RRHI, the filing said.

Get the Shenton Wire morning briefing in your inbox