 During the Regular Board Meeting of Metro Retail Stores Group, Inc. (MRSGI) held on April 4, 2025, the Board of Directors of MRSGI unanimously approved the acquisition of Apple Drugstore Corp., through sale of common shares held by Vicsal Development Corporation, thereby creating a wholly-owned subsidiary. The total purchase price for the transaction and/or MRSGI's interest in Apple Drugstore Corp. is less than 10% of the total book value of MRSGI. MRSGI will centralize and manage its pharmacy operations through the creation of a wholly-owned subsidiary, Apple Drugstore Corp. The acquisition of Apple Drugstore Corp. is a strategic move to create a dedicated platform or vehicle for optimum operational efficiency, increased flexibility, enhanced focus and performance, and unlocking value.
The terms and conditions of the transaction: Number of shares to be acquired or disposed: 2,500 Percentage to the total outstanding shares of the company subject of the transaction: 100% Price per share: P100 Apple Drugstore Corp. is a company principally engaged in the buying and selling of pharmaceutical products, medicines, foodstuffs and groceries. |
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