Injap Sia's MerryMart acquires 67% stake in Carlos SuperDrug

Edgar “Injap” Sia II’s MerryMart Consumer Corp. inked an agreement to acquire a majority stake in Quezon Province’s biggest pharmacy chain Carlos SuperDrug.

In a regulatory filing, MerryMart said the agreement covers a minimum post-investment stake of 67% in Carlos SuperDrug, which will continue to run the operations in tandem with the grocery operator.

Founded in Lucena City by husband and wife Diomedes and Generosa Carlos in 1946, the pharmacy currently has 27 operating branches to date.

The company did not disclose details on the transaction amount and the timeline for the acquisition.

“While the MerryMart Group continues on with its organic expansion, MerryMart will continue to keep its eyes open for M&A opportunities in both the grocery and pharmacy space that would accelerate its growth to capitalize on the continued consolidation from traditional to modern retail in the Philippines,” said Sia, who serves as MerryMart Chairman.

“We are excited to soon work with the Carlos Group to further grow the business and at the same time welcome the Pharmacy DNA to the MerryMart ecosystem,” he added.

MerryMart’s business portfolio includes MerryMart Store, Merrymart Market, MerryMart Grocery, MerryMart Whole, and Dark Groceries.

It recently established its subsidiary MM Consumer Technologies Corp. with MBOX Smart Lockers, its first consumer technology unit expected to add and complement the group’s ecosystem.

MerryMart seeks to hit 1,200 branches across the country and P120 billion in systemwide recurring consumer sales revenue by 2030.

MerryMart is a wholly-owned subsidiary of Injap Investment Inc., which also owns 35% of DoubleDragon Properties Corp.

Shares in MerryMart closed Monday up by 16 centavos or 4.02% at P4.14 apiece, versus last Friday’s finish of P3.98. — DVM, GMA News