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Ayala to acquire Negros drugstore chain

A UNIT of Ayala Corporation is set to acquire majority stake in Negros Grace, a chain of drugstores based in Bacolod City, Negros Occidental.

This would pave the way for the expansion of its portfolio in pharmaceutical retail in the Visayas, Ayala said in a disclosure to the Philippine Stock Exchange on December 7, 2018.

AC Health, a wholly-owned subsidiary of Ayala Corporation, entered into a share purchase agreement with Jasminum Corporation for the proposed acquisition of 75-percent stake in Negros Grace.

A share purchase agreement was executed on December 6, 2018, the closing of which is subject to the fulfillment of certain conditions precedent and to securing any necessary regulatory approval.

Negros Grace, based in Bacolod City and founded in 1971, owns and operates over 70 drugstores across Central and Western Visayas. (Ventures Cebu/Photo from Negros Grace Facebook)

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