PCC clears Robinsons Retail's acquisition of Premiumbikes

Robinsons Retail Holdings Inc.(RRHI)’s motorcycle retailing venture will kick into high gear following the Philippine Competition Commission (PCC)’s approval of the company’s acquisition of Premiumbikes Corp.

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RRHI, through its wholly owned subsidiary Robinson's Supermarket Corp., acquired Premiumbikes from tycoon Lance Gokongwei, in a deal that was announced in July.

The company said the milestone fulfilled one of the key closing conditions of the transaction and allows both parties to proceed with finalizing the deal.

“We see long-term potential in Premiumbikes and look forward to its successful integration into the Robinsons Retail ecosystem,” RRHI president and CEO Stanley Co said.