Commission Decision No. 01-M-050/2018
Acquisition by Phoenix Petroleum Philippines, Inc.
of Shares in Philippine FamilyMart CVS, Inc.
The proposed transaction involves the acquisition by P-H-O-E-N-I-X PETROLEUM PHILIPPINES, INC. (Phoenix) of shares in PHILIPPINE FAMILYMART CVS, INC. (PFM) or Philippine Family Mart.
Phoenix is a publicly-listed domestic corporation that trades petroleum products on the wholesale and retail basis and operates of gas stations, oil depots, storage facilities, and allied services. The ultimate parent of Phoenix is Udenna Corporation.
PFM is a domestic corporation engaged in the business of operating convenience stores under the trademark “Family Mart.”
Following the proposed transaction, Phoenix will wholly-own Family Mart.