Lucio Co group buying mall, supermarket chain | Inquirer Business

Lucio Co group buying mall, supermarket chain

Move in response to competitors’ aggressive expansion
By: - Business Features Editor / @philbizwatcher
/ 12:08 AM August 10, 2015

RETAIL magnate Lucio Co has continued to expand his footprint in the retailing and commercial property businesses with a deal to buy a new shopping center, through holding firm Cosco Capital, and a new chain of supermarkets, through Puregold Price Club Inc.

In a disclosure to the Philippine Stock Exchange on Friday, Cosco announced the acquisition of RFC Mall along Alabang Zapote Road in Las Piñas City. The property with a gross floor area of 23,000 square meters stands on a 7,600 square-meter (sqm) land.

In a separate deal, Cosco flagship unit Puregold announced the acquisition of eight supermarkets operating under the trade name Budgetlane. These supermarkets are located mainly in Luzon: one in Pasig City, two in Antipolo City, two in Rizal, two in Laguna and one in Batangas.

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Cosco said the acquisition of RFC Mall was in line with efforts to grow its revenue and income bases. The acquisition was made through unit Ellimac Prime Holdings Inc.

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The acquisition cost was below 10 percent of the total book value of Cosco, the company said. The selling parties were Evadel Realty & Development Inc. and E.A. Del Mundo Trading Inc.

Puregold acquired Budgetlane through wholly owned subsidiary Goldtempo Co. Inc.

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“The acquisition reinforces the company’s continuing commitment and focus to serve the broad consumer mass market,” Puregold told the Philippine Stock Exchange. “It will serve as a key component to the growth and expansion strategies of the company.”

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The amount of acquisition was likewise below 10 percent of the total book value of Puregold.

The acquisition comes on the heels of a similarly aggressive expansion program being mapped up by Puregold’s key competitors—the SM group’s SaveMore grocery chain and the Gokongwei group’s Robinsons Retail Holdings Inc.

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TAGS: Business, economy, Lucio Co, Malls, News, supermarkets

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