Ayala Corp. established the control of the Generika group of companies once its health unit increases stake in the drugstore operator.
The conglomerate ascertained Philippine Stock Exchange (PSE) last Thursday that subsidiary AC Healthcare Holdings Inc. would upsurge the stake by 2.5 percent from the current 50 percent to 52.5 percent. The move is subject to conditions.
Ayala Corp. would then enlarge its ownership in Generika firms Actimed Inc. (706,579 shares), Erikagen Inc. (42,105 shares), Novelis Solutions Inc. (155,921 shares) and Pharm Gen Ventures Corp. (65,807 shares) respectively.
“This transaction allows the Generika group to raise additional capital for operations and national store expansion,” Ayala Corp. stated.
Subscription value was not divulged, but the business said the amount was only not more than its total equity. They also need to secure the Philippine Competition Commission’s approval proceeding. Ayala Corp. would then pay the total amount in wholesale upon closing.
Generika presently has more than 800 stores across the country and is touted to be the third-largest retail pharmacy player by store count.
AC Health owns primary healthcare clinic FamilyDOC, the online pharmacy MedGrocer, its health technology arm Vigos Health Technologies, the home health application AIDE, as well as Negros Grace.
Ayala Corp. stocks rose by P5.50 or 0.6 percent to finish at P925.50 respectively on Thursday.