Higher foreign ownership OKd for Rose Pharmacy

The Board of Investments (BOI) has given the go-signal for Netherlands-based Mulgrave Corp. B.V. to increase ownership in Cebu-based Rose Pharmacy from 49 percent to 51 percent.

The BOI said Mulgrave was recently prequalified as a foreign retailer in line with the provisions of the Republic Act 8762, otherwise known as the Retail Trade Liberalization Act.

“This reflects the sustained confidence of foreign investors in the country’s economy,” said Trade Undersecretary and BOI managing head Ceferino Rodolfo.

Rodolfo said Mulgrave is “seriously considering shelling out additional capital placements” and is set to acquire more retail outlets in the future given the growing domestic demand.

Rose Pharmacy is one of the country’s largest pharmaceutical retailers with 252 branches nationwide.

“The BOI is seeing increas- ing interest of foreign investors in the Philippines to access the expanding domestic market” Rodolfo said.

Mulgrave is a whollyowned subsidiary of Bermuda-based Dairy Farm International Holdings Ltd. (DFIHL) and together with other DFIHL associates, joint ventures and subsidiaries, they formed the Dairy Farm Group which operates supermarkets, hypermarkets, health and beauty stores, convenience stores, home furnishing stores, and restau- rants around Asia.

The Dairy Farm Group carries well-known brands like Wellcome, Giant, Cold Storage, Jason’s Marketplace and Maxim’s. It also operates 7-Eleven and Ikea stores in Asia.

In the Philippines, the Dairy Farm Group has substantial ownership in Wellcome, Rustan’s Supermakets/Shopwise and Rose Pharmacy.

Other health and beauty stores under Dairy Farm include Mannings, Guardian and GNC (General Nutrition Center) Live Well.