The Philippine Competition Commission has approved the proposed acquisition by Pacific Universal Investments Pte. Ltd. of shares in PT Mitra Adiperkasa Tbk from PT Satya Mulia Gema Gemilang.
The value of the acquisition was not revealed, PCC said in a statement on Monday.
“Following a review by the PCC Mergers and Acquisitions Office, the Commission determined on August 12 that the Transaction would not likely result in a substantial lessening of competition,” the PCC said.
The anti-monopoly watchdog said its review found that the parties are not direct competitors nor is one a supplier or customer to the other.
The market where the parties are involved is also diversified enough that numerous established retailers provide sufficient competitive constraints on PT Mitra, the PCC said.
Pacific Universal Investments is a Singapore-incorporated holding company which sought to buy PT Mitra, an Indonesian lifestyle retailer offering sports, fashion, food, and electronic products.
PT Mitra’s Philippine subsidiaries, MAP Active Philippines Inc. and Planet Sports Inc., distribute and retail sports apparel and equipment, while Mapple Philippines Inc. sells Apple products.
