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Philippines supermarket chain MerryMart files for $31m IPO

Store operator targets 1,200 branches nationwide in expansion program

MerryMart’s owner sees the transition from traditional to modern retail continuing in the Philippines.   © Reuters

CEBU, Philippines -- MerryMart Consumer Corp., the grocery operator owned by young tycoon Edgar Sia II, has filed to raise up to 1.6 billion pesos ($31 million) in an initial public offering in the Philippines to finance its nationwide expansion program.

Sia, 43, the 28th richest person in the Philippines, is behind brands such as Mang Inasal, which was acquired by Jollibee Foods Corp. for 5 billion pesos in a two-step share purchase in 2010 and 2016, and listed real estate company DoubleDragon.

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