Grocery chain Puregold Price Club Inc has acquired a significant minority stake in San Roque Supermarket. This is Puregold's second acquisition for this year, according to The Philippine Star.
According to a disclosure to the stock exchange, Puregold's wholly-owned subsidiary Entenso Equities Inc bought a 49.34% stake in San Roque Supermarket. The latter owns and operates nine stores in Metro Manila, the report stated.
Jimmy F. P. Perez, Puregold's investor relations officer, said the company is open to purchasing the remaining stake in San Roque Supermarket. Perez also said the acquisition will increase the firm's exposure in several Metro Manila areas, the report said.
San Roque Supermarket said on its social media page that it is on the lookout for potential sites for its expansion project. The supermarket chain is looking specifically for 1,000-2,000 square meter lots for sale or lease. The desired location of the said lots is near a public market, transportation hub, church, or area with high population density, the report detailed.
Puregold is establishing at least 25 new stores ever year for the next five years. The grocery chain is focusing on unserved municipalities nationwide, The Philippine Star reported.
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