Cosco acquires Laguna lot for planned community mall

MANILA, Philippines - Cosco Capital Inc., the investment vehicle of retail magnate Lucio Co., has acquired a new land for its planned chain of community malls in the country.

In a disclosure to the local bourse, Cosco Capital said its subsidiary Ellimac Prime Holdings Inc. has purchased 3,192-square meter lot in Biñan, Laguna.

The newly acquired location will serve as one of the sites for Cosco Capital’s planned chain of com- munity malls over the near term.

“Cosco Capital intends to use the said premises for the establishment and development of a community mall at the center of Binan, Laguna,” the listed firm said.

The firm on Tuesday reported that it secured through a lease agreement a 7,168-square meter land along Liwasang Kalayaan in Marikina Heights. The land will also serve as a site for a community mall.

Cosco Capital is into supermarkets (Puregold Price Club Inc.), liquor importation (Premier Wine & Spirits Inc.), commercial real estate and oil storage and oil exploration activities.

The firm earlier this year acquired the 35,000-square meter NE Pacific, the largest commercial mall in Nueva Ecija.

In August, it bought out liquefied petroleum gas (LPG) supplier Liquigaz at a cost of about $80 million.

The company’s earnings grew slightly in the first half of the year to P1.5 billion from P1.49 billion the previous year.

Aside from being the operator of the country’s sec-ond largest grocery chain, Cosco Capital also claims to be the country’s leading importer of liquor with exclusive distribution rights to some of the world’s top brands such as Cuervo, Jim Beam, Fundador, Absolut Vodka, Johnny Walker, Chivas Regal and Alfonso.