A TOTAL of eight new stores will be added to Lucio Co-led Puregold Price Club Inc.’s store portfolio following its acquisition of a supermarket chain based in Mega Manila.
In a disclosure to the stock exchange, Puregold said its subsidiary Goldtempo Company Inc. acquired eight stores under BudgetLane supermarkets on Thursday.
The company said the acquisition entails the sale of assets, inventory, equipment and trade name as Puregold intends to continue BudgetLane’s operation.
The eight BudgetLane supermarkets are all located within Mega Manila — one in Pasig City, two in Antipolo City, two in Rizal, two in Laguna, and one in Batangas.
“The acquisition reinforces the company’s continuing commitment and focus to serve the broad consumer mass market. It will serve as a key component to the growth and expansion strategies of the company,” Puregold said.
Established in 1966, BudgetLane supermarkets was originally owned and operated by Felicidad Sy Tan and started from a small-time grocery store in Pasig City to a regular supermarket chain with eight outlets.
As of end-June, Puregold operated 258 stores nationwide including nine S&R Membership Shopping stores, 10 S&R New York Style QSR outlets.
The company has set a 2015 capital expenditure of P5.5 billion, which is in line with its P18.5-billion planned spending from 2015 to 2019 to increase its store network by 50 percent in the next five years.
Established in 1998, Puregold primarily operates hypermarkets and retail stores. Its portfolio includes hypermarket format Puregold Price Club, supermarket Puregold Junior, discounters format Puregold Extra, and high-end membership shopping S&R Membership Shopping.