Puregold acquires Puremart stores

Puregold Price Club Inc., the flagship retail chain of businessman Lucio Co, is bolstering its portfolio with the acquisition of Puremart stores.

- By RICHMOND MERCURIO

Puregold is purchasing Puremart stores, including its leasehold improvements, furniture, fixtures, equipment and merchandise inventory with up to P567.5 million book value from Tower 6789 Corp.

Tower 6789 is a domestic corporation wholly owned by League One Inc., a company 100 percent owned by the Co family.

As a related-party transaction, Puregold said the matter was initially endorsed for the approval of its audit committee.