GROCERY-chain operator Puregold Price Club Inc. said it was able to secure a certificate from the Securities and Exchange Commission (SEC) for the merger of the companies that it recently acquired.
Puregold said it received the certificate of merger with Daily Commodities Inc. (DCI), First Lane Super Traders Co. Inc. (FLST) and Goldtempo Co. Inc.
Puregold, a company led by businessman Lucio Co, will be the surviving entity in all of the three mergers.
“Seventeen stores, mostly located in Cabanatuan City and the provinces of Rizal, Bulacan and Aurora, will soon carry the brand name and be converted to Puregold stores,” Puregold said in its disclosure to the Philippine Stock Exchange.
All three were grocery-chain operators in their respective areas.
DCI was incorporated in June 1990 and has an authorized capital stock of P5 million. FLST, meanwhile, was founded in June 1994 and has an authorized capital stock of P10 million, while Goldtempo was founded in June 2014 with capital stock of P250 million.
DCI’s total net asset was placed at P80.18 million, FLST at P138.81 million and Goldtempo at P348.49 million. For the nine months of the year ending September, Puregold had a consolidated net income of P3.9 billion, up by 7 percent, from P3.64 billion last year.
“Our retail businesses continue to deliver steady growth and we remain optimistic that the positive momentum will be sustained for the remaining months of 2017,” Puregold President Vincent Co said. “We also registered better-than-expected same-store sales growth of 4.5 percent for Puregold stores and 10.7 percent for S&R stores in the first nine months of 2017, which were driven by the strong consumer demand and the sustained economic growth of the country.”
As of end-September, Puregold has a total of 352 stores nationwide. These include 291 Puregold stores, 13 S&R membership shopping warehouses and 31 S&R New York Style restaurants, nine NE Bodega Supermarkets and eight Budgetlane Supermarkets.
The company reiterated its plan to open 25 new Puregold stores and two new S&R warehouses by the end of the year. S&R is currently developing two new S&R warehouses for opening next year, the company added.