California's Capital Group buys 5.4% stake in Puregold

The Capital Group of Companies, one of the world’s largest investment firms with more than $1 trillion worth of funds under its management, has bought into the Lucio Co-led Puregold Price Club Inc. 

 

In a report to the Philippine Stock Exchange on Tuesday, Capital Group said it accumulated 149.36 million shares of Puregold—from March 21, 2012 to February 13 this year—at an average price of P25.79 apiece.

 

The accumulated stake is equivalent to 5.4 percent equity in Puregold. 

 

California-based Capital Group comprises a group of investment management companies, including Capital Research and Management, American Funds, Capital Bank and Trust, Capital Guardian, and Capital International.

 

Founded in 1931, Capital Group has  over 7,000 associates in 23 office locations around the globe, including London, Geneva, Sydney, Toronto, Tokyo, Hong Kong, Mumbai and Singapore. The company also has a newly built campus in Irvine, California making it one of the largest employers in that city.

 

Puregold is the Philippines’ second largest supermarket chain next to the SM Group of retail tycoon Henry Sy. 

 

The company’s net earnings jumped by 75.9 percent last year to P2.72 billion on the back of an aggressive expansion program and higher same store sales.

 

Consolidated net sales grew to P57.47 billion or 47.4 percent more than the P39 billion in 2011, due to a 27.1 percent increase in sales turnover of the 131 Puregold stores operating as of end-2012. — VS, GMA News