Lucio Co eyes merger of S&R, Puregold
MANILA, Philippines - Businessman Lucio Co is planning to merge his listed supermarket chain Puregold Price Club Inc. with S&R membership shopping club.
In a disclosure to the Philippine Stock Exchange, Puregold said its board has given authority to its management to start studying and discussing the possible merger with and acquisition of S&R "at terms and conditions satisfactory to both parties."
Co owns both Puregold and S&R.
S&R, modeled after the warehouse membership shopping chains in the United States, targets the upper middle class market. Puregold, which listed on the stock exchange last year, is a supermarket that is aimed at the low-and-middle-income market.
The are six S&R stores in the country, with locations in Bonifacio Global City, Alabang, Congressional Avenue in Quezon City, Baclaran, Cebu and Pampanga.
As of end 2011, Puregold has 100 stores, including 61 hypermarkets, 28 Puregold Jr. supermarkets and 11 discounters. It is planning to open 38 more stores this year.