Puregold buys stake in San Roque Supermarket chain

A subsidiary of Puregold Price Club Inc. is acquiring close to a 50-percent stake of a supermarket operator in Metro Manila.

 

In a disclosure to the Philippine Stock Exchange Friday, Puregold said Estenso Equities Inc. acquired 49.34 percent of San Roque Supermarket, which has nine stores within Metro Manila.

 

In a phone interview, investor relations officer Jimmy Reyes said Puregold will just purchase a minority stake in the supermarket chain but declined to disclose the acquisition cost.

 

"The board just approved the acquisition and will soon close the transaction," he said.

 

Last July, Puregold announced it was putting up Estenso Equities to house its investments in other food retail-related activities.

 

Company president Leonardo Dayao told GMA News Online then that the company will be used to invest in equities in other supermarkets and groceries.

 

In the same month, Entenso entered into a joint venture agreement with Ayala Land Inc. subsidiary Varejo Corporation to develop and operate mid-market supermarkets in new integrated and mixed-use developments. — Danessa O. Rivera/JDS, GMA News