DAVAO-based businessman Dennis Uy is venturing into the convenience store business via a deal to purchase the FamilyMart franchise through listed firm Phoenix Petroleum Philippines, Inc.AdvertisementsIn a disclosure, Phoenix said it had inked a memorandum of understanding to acquire 100 percent of Philippine FamilyMart CVS, Inc. (PFM) with SIAL CVS Retailers, Inc. and Japanese firms FamilyMart Co., Ltd. and Itochu Corp.SIAL — a joint venture between the Ayala’s ALI Capital Corp. and SSI Group, Inc. of the Tantocos – is the majority owner of PFM. The acquisition, which still has to be cleared by the country’s competition watchdog, is expected to complement Phoenix’s retail fuel business nationwide.

Source: Manila Times October 30, 2017 07:30 UTC