MANILA -- Rising Philippine tycoon Dennis Uy has moved to buy out the local operations of convenience store chain FamilyMart from its Filipino and Japanese owners.
Ayala Land and upscale retailer SSI Group, which jointly control the company that runs FamilyMart, on Monday said they had signed an agreement with Uy's Phoenix Petroleum Philippines, a fuel retailer. Japanese companies FamilyMart Co. and Itochu, a trading house, which collectively own 40% of Philippine FamilyMart CVS, are also selling their shares in the retailer.
