31 May 2012

Puregold to set up Subic unit

LISTED Puregold Price Club Inc., the country’s second-biggest supermarket chain, is setting up a subsidiary to handle stores in the Subic Bay Economic Zone in Olongapo City.

In a filing to the Philippine Stock Exchange on Wednesday, Puregold said its board approved the incorporation of PPCI Subic Inc., which is wholly owned subsidiary.

The company has been widening its footprint outside Metro Manila, where the bulk of its stores are situated.

Earlier this week, Puregold acquired the 19-store Parco supermarket chain with 12 Metro Manila-based stores and seven in nearby provinces.

Following the acquisition of Parco and sister-company S&R Price Club Inc., Puregold +will have a total network of 131 stores, with more than half situated in the country’s capital.

The retailer reported earlier that net income in the three months to June rose 24 percent to P469 million as sales rose 30 percent to P10.7 billion. Puregold shares declined 0.44 percent to P22.60 each on Wednesday, giving it a market value of P45.2 billion.(Miguel R. Camus, Business Mirror)