THE recently established unit of the Lucio Co-owned Puregold Price Club Inc. has struck a deal to purchase a significant stake in a Metro Manila-based supermarket chain.
A disclosure to the Philippine Stock Exchange showed on Friday that Entenso Equities Inc., a “shelf-ready” firm for Puregold’s future joint ventures in food retail industry, acquired 49.34 percent of San Roque Supermarkets. No further details were disclosed.
San Roque Supermarkets operates nine stores all located within Metro Manila.
In July, Puregold created Estenso Equities, which was specifically established to cater to the group’s future joint ventures in the food retail industry.
“Estenso Equities is just a shelf-ready subsidiary of Puregold for possible joint ventures with third parties in food retail-related business,” Jimmy Perez, Puregold investor relations chief, said earlier.
In August, it was reported that the listed retailer decided to jack up its capital expenditure for the year to P3.5 billion from the original P3 billion, as it plans to roll-out more stores than what it planned to build within the year.
Puregold announced that the capital expenditure increase is in line with its plan to boost its store opening target to 35 this year instead of 25.
In the first half of 2013, the group opened an additional 21 stores, including 20 Puregold stores and 1 S&R warehouse. This brought the group’s total number of stores to 192 as of June 30, 2013, including seven S&R branches and 15 branches from Company E.