By: Philstar
Puregold Price Club Inc. is setting its sights on acquiring stores to expand its footprint in areas where the grocery chain is not operating as part of efforts to reach record profits this year.
A total of P5 billion of the P12 billion recently raised through corporate notes is allotted for “M&A opportunities,” the company said in a disclosure to the stock exchange on Thursday. While the firm did not go into specifics, Puregold said it would “pursue acquisitions and expand into new geographic locations.”
The strategy comes in tandem with opening 25 new Puregold stores and 2 S&R warehouse stores. As of September and with only 3 months left into the year, the company has built all its targeted S&R warehouse facilities, while constructing 16 Puregold outlets.
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