Singapore fund manager acquires 9.23% of Phil-Seven

MANILA, Philippines – Singapore-based investment company Arisaig Asia Consumer Fund Ltd. has acquired a 9.23-percent stake in Philippine Seven Corp., the biggest convenience store operator in the country.

In a report to the Philippine Stock Exchange, Arisaig Asia said it bought 32 million shares in Phil-Seven last Sept. 10.

Founded in 1997, Arisaig Asia has $2.6 billion worth of assets under management. It invests in shares of consumer companies in Asia in line with its strategy to achieve long-term capital growth.

Phil-Seven, the local franchise holder of the 7-Eleven convenience store chain, reported a 38.3-percent rise in first semester net earnings this year to P164.26 million, mainly driven by higher sales, support from trade suppliers, and continued store expansion.

Revenues amounted to P6.32 billion, up 35.3 percent as merchandise sales grew 36.5 percent to P5.72 billion. System-wide sales expanded 29.1 percent to P6.5 billion, largely due to the increase in store base and improved average sales registered by mature stores.

Phil-Seven plans to further widen its geographic footprint as it makes its presence felt in Metro Cebu, a major city in the Visayas.

The company ended the first half with a total of 746 stores, opening 59 new stores during the period. It is aiming to hit 1,000 stores by 2013.