Philippine Seven Corp., the local franchise holder of the 7-Eleven convenience store chain, said yesterday it purchased a smaller rival, privately held Jollimart Philippines Corp., for P130 million.

Jollimart is an affiliate of SM Group of Companies owned by retail magnate Henry Sy, Sr.

“The purchase consists of the leasehold rights and store assets including building and/or improvements, equipment and fixtures, excluding the merchandise inventory and the POS (point-of-sale) system,” the PSC told the stock exchange.

Jollimart owns 39 convenience stores in Metro Manila, and is known by its trade name Binggo Convenience Stores.

PSC chairman Vicente Paterno and Jollimart president William Tan Untiong signed the agreement, which is expected to further boost PSC’s operations. 

PSC operates 200 convenience stores, most of which are located in Metro Manila.