DFI Retail Group sells 22% of Luo Minshen Retail s equity

DFI Retail Group closed on Friday at $2.99%.

The announcement did not disclose the specific amount.

DFI Retail Group announced after the closing of the market on Friday (May 30) that it had disbanded the 22.2% stake in Robinsons Retail, equivalent to 315.3 million 9310 shares.

Group also stated that it is still confident in the long-term development prospects of Luo Minshen Retail and is optimistic that the two parties' exclusive distribution cooperation with the Guardian brand will continue to succeed.

The company pointed out that the transaction reflects the group's strategic transformation from a portfolio investor to a focused company in order to divest minority stakes and reconfigure capital to support the growth and higher returns of its subsidiary's business.

This transaction was completed through a special bulk transaction on the Philippine Exchange, and the transaction price was reached based on the market conditions and strategic considerations at the time.

Group became an important minority shareholder of Luo Minshen Retail in 2018 through a share exchange transaction with Rustan Supercenters. Rustan Supercenters is a food retail company and supermarket operator in the Philippines.

The Group will carefully evaluate the use of the proceeds from the sale of equity to ensure compliance with the capital allocation strategy and long-term growth goals. These uses will include, but are not limited to, expanding digital retail media business, advancing private brand innovation, and enhancing omnichannel capabilities in major markets.

DFI Retail Group President Scott Price said in a statement: "We sincerely thank Luo Minshen's retail team for their hard work, cooperation and dedication over the years. Our cooperation has played a crucial role in the group's expansion of business in the Philippines. We look forward to the two parties continuing to maintain this solid cooperative relationship while focusing on their business strategies."