Quantcast
Latest Stories

Puregold’s Co acquires Cebu drug store chain

Privately held firm used in purchase

By

Filipino-Chinese businessman Lucio Co has entered the pharmaceutical distribution business with the acquisition of Cebu-based drug store chain ThreeSixty Pharmacy, allowing the fast-growing retailing magnate to get a foothold in the Visayas.

Co sealed the ThreeSixty Pharmacy acquisition very recently, said two Inquirer sources familiar with the transaction. However, the new acquisition was made through a tightly held company and not through any of the publicly listed companies affiliated with the Cos—Puregold Price Club Inc. and Alcorn Gold Resources Corp.

One industry source privy to the transaction said the acquisition would be Co’s ticket to new retailing formats, which in the future could include not just pharmaceutical chains but also hardware shops.

During Puregold’s investor briefing last Friday, several analysts asked whether the company was interested in getting into the drug store business following rumors that it was Puregold that had acquired the Cebu drug store chain.

Puregold investor relations chief Jimmy Perez said during the briefing that Puregold had gone public as a supermarket company and would likely stick to this core competence. He said there was room for consolidation among smaller grocery operators and these would be what Puregold would consider for acquisition.

“We think that we are not yet competent in that line of business so we don’t want the listed company to be experimenting with something we’re not familiar with,” Puregold president Leonardo Dayao said in an interview after the briefing. He shrugged off speculation that Puregold would diversify into the drug store business any time soon.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: acquisition , Business , Cebu , pharmaceutical , Philippines , puregold , ThreeSixty Pharmacy

  • http://www.facebook.com/noelsantos37 pathfinder093

    aba!.hindi lang pala groceries..pati gamot ipamimigay na din ng EAT BULAGA..heheh!.

    • http://mikkieugenio.tumblr.com/ Paul Eugenio

      It’s just natural for the course of business. SM has Watsons, eh.

      Puregold might actually consider acquiring Mercury Drug, Mansons or South Star. There are also rumors that they are interested with 7-Eleven PH. Bookstores or Hardwares, too, but there are no significant players for them to acquire for now.



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Healing priest invites political leaders to join ‘prayer for nation’
  • Tagle: Christ’s resurrection a message of hope to faithful
  • Aquino vows to intensify anti-corruption drive further
  • Unease in Vatican over cardinal’s luxury flat—report
  • Nepal calls off search for missing guides on Everest—official
  • Sports

  • Rain or Shine grabs No.4, sends Ginebra to 8th
  • Red-hot Alaska rips injury-depleted San Mig Coffee
  • Pacquiao courtesy call to Aquino set for Monday
  • Nick Calathes suspension a reminder of supplement risk
  • Teague scores 28 as Hawks soar past Pacers in Game 1
  • Lifestyle

  • Angono petroglyphs in danger of disappearing
  • Britain’s baby Prince George visits Australian zoo
  • Noli Yamsuan, Cardinal Sin’s ‘official’ photographer: ‘I could smell the aftershave lotion of the Pope’
  • Simplifying and lightening life
  • Where to go for Easter night-out
  • Entertainment

  • Show-biz celebrities’ other choices of summer getaway
  • Why ‘Noah’ can’t dock his ark at Philippine theaters
  • Acclaimed artist goes wild while on holiday
  • Believing in this mermaid
  • Missing Xian
  • Business

  • Supper power
  • Condo unit sales boosted Shang Properties earnings
  • ERC mulls over WESM price cap for May, June
  • Whatever happened to the ubiquitous pagers?
  • Huge 2013 net profits seen difficult to surpass in 2014
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Epiphany
  • Unpaid creditor vs distressed debtor
  • Moving on
  • From culinary desert to paradise
  • Response to China: ‘Usjaphil’
  • Global Nation

  • Japan presents $57-B ‘dream plan’ to solve Metro congestion
  • Tim Tebow’s charity hospital in Davao seen to open in 7 months
  • OFW died of Mers-CoV in Saudi Arabia, says family
  • Aquino, Obama to tackle US pivot to Asia during state visit
  • Asia seeks Obama’s assurance in territorial spats
  • Marketplace