Robinsons Retail Holdings Incorporated has acquired a majority stake in De Oro Pacific Home Plus Depot, a big box builders hardware depot with 3-store chain in Northern Mindanao.
The Gokongwei-led firm told the Philippine Stock Exchange that its subsidiary RHI Builders and Contractors Depot Corporation’s acquisition will add to its big box hardware portfolio.
De Oro Pacific Home Plus Depot started operating in 1993. The stores are located in Cagayan de Oro and Iligan City with combined gross floor area of approximately 9,400 square meters.
The company also operates a 3,000-square-meter warehouse in Cagayan do Oro that supports the 3 De Oro Pacific Home Plus Depot stores.
“The purchase of De Oro Pacific Home Plus Depot stores demonstrates the bullish stance of Robinsons Retail group in the do-it-yourself (DIY) business which is currently rising to the sustained growth of the construction sector driven by the huge backlog in residential building,” the company said.
In June 2014, Robinsons Retail acquired RHI Builders and Contractors Depot, owner and operator of 17-big box hardware chain AM Builders Home Depot based in the Visayas.
All stores have been renamed Robinsons Builders.
(Source: Rappler)