Robinsons Retail acquires 90% stake in Saver’s Appliance Depot in PH

Visual from the company website. September 2015

Philippine-based Robinsons Retail Holdings Inc through its wholly-owned subsidiary Robinsons Inc, has partnered on Tuesday with Saver’s Appliance Depot, a local consumer electronics and home appliance store chain owned and operated by Savers Electronics World Inc.

Robinsons Retail disclosed that it will soon own 90 per cent of Savers Electronics World.

The size and date for completion of the deal are yet to be announced.

Also read: Robinsons Land, Starwood Hotels ink mixed-used project deal in PH

Saver’s Appliance operates a total of 24 stores with total gross in Central Luzon and eight stores in Cagayan Valley.

Established in 1986, Saver’s Appliance was recognized and awarded as the 2014 Best Regional Retail Player by the Philippine Retailers Association.

Robinsons Retail’s president and COO Robina Gokongwei-Pe said the company expects the partnership to strengthen and expand its coverage in the local consumer electronics and appliance business, particularly in Central Luzon region and Cagayan Valley.

Also read: PH retailer SSI Group partners Canada’s Loblaw to open Joe Fresh stores

“As the economy expands, discretionary spending is seen to surge ahead and this format should be a strong beneficiary,” Gokongwei-Pe said. “Also, the increasing scale of the group is expected to strengthen our market position in the industry.”

It was agreed upon that the appliance company will continue to be managed by its managing director Jaime Uy even after the company acquisition.

Also read: GT Capital completes acquisition of PH housing firm Pro-Friends

“We are happy to become part of the Robinsons Retail Family. The group has proven track record in growing and retaining the equity value of the companies of businesses that they acquired,” Uy said.

Robinsons Retail Holdings is the second-largest multi-format retailer in the Philippines that began over 30 years ago. It operates in six business segments: supermarkets, department stores, convenience stores, specialty stores, international fashion brands, and cosmetics brands.

The holding firm’s last trading price decreased 3.24 per cent or P2.25 to close at P67.25.

Also read:

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Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.