MANILA, Philippines - Retailer Puregold Price Club, Inc. announced on Monday its acquisition of four operating Eunilane foodmarts and 11 Grocer E supermarts from Company E Corp.
In a disclosure to the Philippine Stock Exchange, the listed company said it will make the acquisition by buying all outstanding shares of the selling company.
The 15 stores acquired add to Puregold's 156 stores made up of 131 Puregold hypermarkets, supermarkets and extras, 19 Parco supermarkets and six S&R warehouse membership shopping clubs.
The retailer said it plans to open 25 new Puregold stores and one S&R store this year.
"The year 2013 will mark the entry (of Puregold) in Mindanao, with the opening of the S&R store in Davao City and the Puregold hypermarket in Cagayan de Oro City. All the Parco supermarkets will be re-branded into Puregold in 2013," it said.