Puregold announces purchase of PSMT Philippines

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By Philstar

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.

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