Lucio Co group buys supermarkets, commercial properties

The Lucio Co group has acquired nine supermarkets and five commercial properties in a bid to expand its selling area and rental space and grow its revenue base.

 

Puregold Price Club Inc., operator of its namesake supermarket chain, acquired nine supermarkets from NE Incorporated on Feb. 3, according to a disclosure to the Philippine Stock Exchange on Wednesday.

 

The transaction seeks "to increase the net selling area and grow the revenue base of Puregold Price Club Inc."

 

The nine supermarkets are located mainly in Cabanatuan and San Jose in Nueva Ecija, Baliwag in Bulacan, Baler in Aurora and Santiago in Isabela.

 

"The additional stores will also make Puregold the dominant retail player in the province of Nueva Ecija," the company said.

 

Puregold said the assets were used in supermarket operation and it  "intends to continue the operation as such."

 

In a separate disclosure on Wednesday, Cosco Capital Inc. said it purchased five commercial properties from NE Incorporated on Feb. 3.

 

The transaction was meant "to grow the revenue and income bases for Cosco Capital Inc. and to increase its rental selling space."

 

Cosco Capital is Co's listed holding firm, which covers his majority stake in Puregold Price Club, portfolios of liquor distribution companies, commercial real estate companies and oil storage business.

 

"The assets were used as commercial estate and the issuer intends to continue the operation as such," the company said. – Kathryn Mae P. Tubadeza/VS, GMA News