Puregold Price Club Inc., the Lucio Co-owned supermarket chain, has created a new company that will serve as its “shelf-ready” firm for its future joint ventures in food retail industry.
A disclosure to the Philippine Stock Exchange on Wednesday showed that Puregold is establishing another subsidiary in the name of Estenso Equities Inc., which will house investments of Puregold for other food retail-related activities.
“Estenso Equities is just a shelf-ready subsidiary of Puregold for possible joint ventures with third parties in food retail-related business,” said Jimmy Perez, Puregold Investor Relations chief, in a text message. No further details were disclosed.
Earlier this year, Puregold secured a regulatory approval for its plan to consolidate some of its subsidiaries.
In a previous disclosure to the exchange, the grocery operator reported that it has obtained the approval of the Securities and Exchange Commission to merge Puregold Junior Supermarket Inc., Parco supermarkets operator Gant Group of Companies and S-CV Corp. with Puregold as the surviving company.
This move to consolidate these firms, according to Puregold, will help the company improve operational efficiency.
The merger is also expected to facilitate inventory management, more efficient cash management, flexibility in store format and simplified reporting to government agencies.
Madelaine B. Miraflor