Lucio Co’s Cosco Capital acquires Office Warehouse

(Updated 1:25 p.m.) Lucio Co's Cosco Capital Inc. is fully acquiring office and school supplies retailer Office Warehouse Inc. as it expands its retail business.

 

In a disclosure to the Philippine Stock Exchange submitted Tuesday, Cosco Capital said it recently signed an agreement to purchase 100 percent of the share capital of Office Warehouse.

 

Office Warehouse is in the business of selling office and school supplies, technology items, and home and office furniture. It currently has 47 stores nationwide.

 

The acquisition of Office Warehouse is in line with Cosco's thrust to diversify into specialty retail business, president Leonardo B. Dayao told GMA News Online in a text message. 

 

"We see this as a complementary to our food retailers Puregold Supermarkets and SnR Membership Shopping. Office Warehouse will provide growth avenue for Cosco," he said.

 

Cosco Capital is the listed holding firm of businessman Lucio Co, which include his 51 percent stake in Puregold Price Club Inc., portfolios of liquor distribution companies, commercial real estate companies and oil storage business.

 

Last November, Cosco Capital streamlined the management of its retail assets under the holding firm.—Danessa O. Rivera/KG, GMA News