Makati—(PHStocks)—SSI Group Inc. (PSE: SSI) is broadening its business lines to include travel retail with the acquisition of a 50 percent stake in Landmark Management Services Ltd, a company specializing in travel retail concepts and has existing supply and management agreements with travel retail stores in the Philippines.
SSI, through a wholly owned subsidiary, SKL International Ltd, has executed agreements to effect the acquisition of a 50% equity stake in Landmark from its two existing shareholders, Regent Asia Group Ltd and Prime (Duty Free Distributors) Ltd. Said existing shareholders will continue to hold the remaining 50 percent ownership in Landmark following the entry of SSI.
“We are very happy to be part of the development of the travel retail industry. We believe that with SSI’s retailing experience and Landmark’s deep understanding of the unique shopping requirements of travelers, we can expand our market to cover tourists and business travelers,” said SSI President Anthony T. Huang.
The value of the acquisition is less than 5% of SSI’s book value.