Puregold Price Club Inc., the retail company owned by tycoon Lucio Co, said Wednesday it has acquired nine supermarkets in Luzon from NE Inc. of the Uy family.
Cosco Capital Inc., the holding company of Co, said it also purchased five commercial properties from NE.
Puregold said in a disclosure to the stock exchange it acquired nine supermarkets located in Cabanatuan City and San Jose City in Nueva Ecija, Baliwag in Bulacan, Baler in Aurora and Santiago City in Isabela.
Puregold said the acquisition would increase company’s net selling area and boost revenues.
“The additional stores will also make Puregold the dominant retail player in the province of Nueva Ecija,” Puregold said.
Meanwhile, Cosco said it purchased five commercial properties to grow the company’s revenue and income and expand rental selling space.
The five properties are located in Cabanatuan City, San Jose City, Baler and Santiago City.
Cosco and Puregold president Leonardo Dayao did not disclose the acquisition cost. He said in an interview the cost was based on 8 to 10 times the projected earnings of the five properties and nine supermarkets.
Puregold said earlier it would spend P5.5 billion in capital expenditures for 2015, primarily to finance store expansion and possible acquisitions.
It said of the P5.5 billion, P2.5 billion would be allotted to build 25 Puregold stores, P1.5 billion to construct two S&R stores and another P1.5 billion for acquisitions.
Cosco Capital is earmarking P8 billion for expansion of retail, property and liquor businesses as well acquisitions.
Cosco Capital in March 2014 bought Nueva Ecija-based NE Pacific Shopping Centers Corp., which owns NE Pacific Mall, the largest commercial mall in Cabanatuan.
NE Pacific Mall is the first large commercial mall in Cabanatuan City, with gross floor area of over 35,000 square meters and sitting on a 10-hectare lot.
It has a leasable area of over 23,000 square meters with 400 tenants in fashion outlets, fast food chains, specialty shops, supermarket, appliance center, game arcades, banks, government satellite offices and three cinemas.