Puregold Price Club Inc. has finalized the acquisition of 153 Puremart stores from its affiliate Tower 6789 Corp. for a book value of up to P567.5 million. This is a related-party transaction as Tower 6789 is wholly owned by League One Inc., which is fully owned by the Co family, Puregold's controlling shareholders. The acquisition includes leasehold improvements, furniture, fixtures, equipment, and merchandise inventory. The stores are strategically located across Metro Manila, Camanava, Rizal, Bulacan, and South Luzon. This move expands Puregold's footprint and strengthens its position in the retail market.
LUCIO Co-led retailer Puregold Price Club Inc. said Thursday that it had acquired a total of 153 Puremart stores from affiliate Tower 6789 Corp. at a book value of up to P567.5 million.In a disclosure, Puregold said that it was revising its Nov. 7 announcement that 'at least 120 to 130 stores' would be purchased.
, a company that is fully owned by the Co family, 'making this a related-party transaction.''As such, this matter was initially endorsed for the approval of Puregold Price Club Inc.'s audit committee, pursuant to its policy on related party transactions,' it also said.The acquisition cost, it noted, was 'substantially below' 10 percent of the company's book value.Puregold recorded a net income of P6.9 billion for the first nine months of 2024, up 4.
RETAIL ACQUISITION PUREGOLD PUREMART TOWER 6789 RELATED-PARTY TRANSACTION
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