MANILA, Philippines — Supermarket giant Puregold Price Club Inc. is eyeing the purchase of PSMT Philippines, Inc.
In a disclosure sent to the Philippine Stock Exchange on Monday, Puregold said that the board of directors of Kareila Management Corp. greenlit the purchase of 100% capital stock of the Co-led PSMT Philippines for P112.5 million on November 25.
Kareila Management Corp. is the owner and operator of S&R membership shopping warehouses. Publicly-listed retail holding company Cosco Capital Inc., which is run by the Co family as well, owns Puregold and S&R.
Sought for comment, Michael Enriquez, chief investment officer at Sun Life Investment Management and Trust Corp., explained the value of Puregold’s moves.
“The family may want to unlock the value of the private company and hopefully further enhance the listed entity,” he said in a Viber message.
Puregold’s net income rose 12.9% year-on-year to P in the first three quarters to P6.47 billion. The domestic economy’s reopening and the expansion of its grocery retail outlets contributed to the growth during the period.