Robinsons Retail to buy Saver’s Appliance Depot

Robinsons Retail Holdings Inc. (RRHI) is buying 90 percent of a 24-hour consumer electronics and appliance retail chain, Saver’s Appliance Depot, to widen its reach in Central Luzon and Cagayan Valley.

 

In a statement on Wednesday, RRHI said the purchase involves a controlling stake in Savers Electronic World Inc., owner and operator of Saver’s Appliance.

 

In a separate disclosure to the Philippine Stock Exchange, Robinsons Retail said the acquisition was valued at less than a tenth of RRHI’s stockholders equity as of end-December 2014.

Saver’s Appliance has a portfolio of 24 stores nationwide – three in Metro Manila, 13 in Central Luzon, and eight in Cagayan Valley.

 

The Gokongwei-led RRHI will retain Jaime Uy as managing director of Saver’s Appliance after the acquisition.

 

“As the economy expands, discretionary spending is seen to surge ahead and this format should be a strong beneficiary. Also, the increasing scale of the group is expected to strengthen our market position in the industry,” Robina Gokongwei-Pe, RRHI president and COO said. – Jon Viktor Cabuenas/VS, GMA News