MANILA, Philippines – Retailer Puregold Price Club Inc. debuted on the local stock exchange on Wednesday with a commitment from founder and controlling shareholder Lucio Co to boost profits, expand the number of stores and build a reputable image.
This year, Puregold expects to book a net profit of P1.5 to P1.6 billion, equivalent to P0.75 to P0.80 centavos in earnings per share. Comparative net earnings last year amounted to P750 million.
Overall business for 2012 will likely be about 25 percent better than this year, Puregold president Leonardo Dayao said in a press briefing after the listing ceremonies.
Despite the strong foreign investor appetite on its initial public offering at P12.50 per share, its shares traded lower on its first day given the sluggish global economic markets. As of 11:04 a.m., its share price was down by about 1.4 percent to P11 each.
During the listing ceremonies, Co took the chance to deny allegations of smuggling that came out in the media prior to his company’s IPO.
“So much has been said about my person. My name was dragged sporadically in some irregularities I did not commit. I was conveniently painted as a villain,” Co said. “The upside is, I guess my name is full color and therefore, newsworthy!” he added.
“It is time to make the big change of speaking out in public and building a reputable image not with words, but with the company we built from the ground – Puregold,” he said.