Robinsons Buys 90% Stake in Savers Electronics

(PNA) — Gokongwei-owned Robinsons Retail Holdings, Inc. (RRHI) on Wednesday said it signed a deal to acquire 90 percent stake in Savers Electronic World that would allow it to expand coverage in the consumer electronics and appliance business.

RRHI told the Philippine Stock Exchange (PSE) that its wholly-owned subsidiary, Robinsons Inc., signed a partnership with Saver’s Appliance Depot, a consumer electronics and home appliance store chain owned and operated by Savers Electronic World, Inc.

Saver’s Appliance Depot operates a total of 24 stores, three of which are in Metro Manila, 13 in Central Luzon and eight stores in Cagayan Valley.

“We are excited to partner with Saver’s Appliance Depot in growing the consumer electronics and appliance business of the group. 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,” said RRHI President and Chief Operating Officer Robina Gokongwei-Pe.

After the purchase, Saver’s will continue to be managed by Jaime Uy as the Managing Director of Saver’s Appliance Depot.

“We have strong presence in Northern Luzon which should add to the group’s growing presence in this region,” Uy said. (PNA) RMA/LDV