ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

Davao tycoon Dennis Uy buys FamilyMart Philippines

Duterte campaign donor expands into retail in latest acquisition

Phoenix Petroleum CEO Dennis Uy at the company's headquarters in Davao (Photo by Kim Ignacio)

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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more