Supermarket chain operator Puregold Price Club Inc. said Monday its unit acquired PSMT Philippines Inc. for P112.5 million.
Puregold said in a disclosure to the stock exchange wholly-owned unit Kareila Management Corp., which owns and operates S&R Shopping, approved the purchase of 100-percent interest in PSMT.
PSMT owns a property in Paranaque City where S&R Aseana is located.
The Co family, the majority shareholder of Puregold, also owns PSMT.
Puregold did not provide other details including the timetable for the completion of the deal and terms of the purchase.
The purchase will enhance the operations and efficiency of S&R.
Puregold reported a net income of P6.47 billion in the first nine months, up 12.9 percent from P5.73 billion it booked in the same period last year on the back of the continued rise in traffic and increased business activities.
Nine-month revenues rose 11 percent to P 127.6 billion from a year ago, despite the headwinds caused by inflation and commodity supply pressures.
Total traffic to all stores increased by 12 percent from the same period last year.
Puregold said that as of end-September 2022, the group had a total of 513 stores nationwide.
These included 443 Puregold stores, 22 S&R membership shopping warehouses and 48 S&R New York Style quick service restaurants.
The share price of Puregold retreated 0.14 percent Monday to close at P34.80.