Puregold San Mateo (Photo credit: Wikipedia)Listed supermarket chain operator Puregold Price Club Inc. has added Parco Supermarket to its growing retail portfolio.
In a disclosure to be Philippine Stock Exchange, Puregold said the acquisition will further expand its foothold in the C and D market segment.
“Puregold Price Club Inc., through the resolution issued by its Executive Committee on May 25, acquired 519,111 shares or the whole outstanding capital stock of Gant Group of Companies Inc.,” the company said.
Gant Group is the owner and operator of 19 branches of Parco Supermarket, which includes Pasig, Quezon City, Caloocan, Taytay in Rizal province and Meycauayan in Bulacan.
The shares were purchased from the Ong family, particularly from Dolores Ong, Patrick Richard Ong, Katrina Cindy Ong, Genevieve Mae Ong and Margaret Brigitte Ong. Puregold did not disclose the purchase price.
“Upon takeover, the stores will use the Parco brand,” Aida B. de Guzman, vice-president for marketing and business development of Puregold, said in a text message.
“With the Parco acquisition, our market coverage will expand, as Parco was able to establish loyal customer base of both C and D customers and resellers in the areas where they operate over the 29 years that they have been operating,” De Guzman said.
In April, Puregold completed its acquisition of upscale S&R Membership Shopping Club through a P16.5-billion share swap.
