MANILA -Puregold Price Club Inc., the listed grocery store chain of business tycoon Lucio Co, is acquiring the outlets of DiviMart Supermarkets in a bid to increase its nationwide footprint.
Puregold said in a stock exchange filing on Wednesday it struck and agreement to buy 14 outlets of DiviMart, a supermarket chain founded over three decades ago by Harry Uy and Vivian Ong Juanitas.
DiviMart has more than 30 locations. Puregold, which has about 530 stores nationwide, said it would evaluate the company’s 18 other locations for potential conversion into Puregold stores.
Puregold said it would buy the supermarkets, including leasehold improvements, furniture, fixtures, equipment, and merchandise inventory.
“The agreement will allow [Puregold] access to all DiviMart supermarket locations which may instantly be converted to Puregold stores under a sublease transaction,” said the company, which did not provide financial details.
DiviMart offers a variety of products, including fresh produce, meat, seafood, dairy, baked goods, frozen foods, snacks, beverages, household goods, and personal care items.
“The acquisition will further expand the reach of [Puregold] to a broader market,” Puregold said.
The 14 store locations are Angat, Bulacan; Mapulang Lupa, Pandi, Bulacan; Morong, Bataan; Cabanatuan City, Nueva Ecija; Olongapo City; San Isidro, Taytay, Rizal; San Miguel, Pasig City; Manggahan, General Trias, Cavite; Mambog, Bacoor, Cavite; Pulo, Cabuyao, Laguna; Tayuman, Manila; Aliaga, Nueva Ecija; San Juan, Taytay, Rizal; and Pulilan, Bulacan.
Puregold earlier announced a 12-percent net income increase to P2.4 billion during the fist quarter of the year as total sales jumped 15 percent to P44.4 billion.
This was mainly driven by Puregold and S&R Warehouses.
The company opened five Puregold outlets, one S&R Membership Warehouse and one S&R New York Style quick service restaurant during the first three months of 2023.
READ:
Cosco Capital 2022 profit up 17% to P12.3B
Lucio Co infusing allied business into Puregold