Hong Kong retail giant Dairy Farm has received official approval to increase its stake in Philippine drugstore chain Rose Pharmacy.

It is doing this through its European investment vehicle Mulgrave Corporation, which has received the nod from the Philippine Board of Investments (BOI). It seeks to raise its shareholding in Cebu-based Rose Pharmacy from 49 to 51 per cent. Financial details of the deal have not been disclosed.

Rose Pharmacy has 252 pharmacies nationwide.

Trade undersecretary and BOI managing head Ceferino Rodolfo says that aside from increasing its stake in Rose Pharmacy, Mulgrave also plans acquisitions and to expand retail outlets.

Based in Amsterdam, Mulgrave Corporation runs supermarkets through a subsidiary. In turn, Mulgrave is a subsidiary of Dairy Farm International Holdings.