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Publish Date : 30-May-2012

Philippines-based retailer Puregold Price Club has purchased 19 stores of Parco Supermarket, in a move to expand its network of retail stores in the country. The company has not revealed financial details of the deal but stated that it was worth less than 10% of the book value of the company as of the end of the first quarter of 2012.

The acquisition includes 12 stores in Metro Manila, three stores in north of Metro Manila and four stores in south of Metro Manila.

Puregold has acquired all the outstanding shares of stocks of Gant Group of Companies, that operates Parco Supermarket. The transaction is expected to conclude in May 2012.

Puregold has stated that it might finalize the payment for the acquisition of the S&R warehouse membership shopping chain by the end of June.

Followed by the acquisitions, now Puregold operates a total of 131 outlets, including 106 Puregold stores, 19 Parco Supermarkets and six S&R membership shopping clubs.

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