MANILA — The Securities and Exchange Commission (SEC) has approved the merger between listed supermarket chain operator Puregold Price Club Inc and three acquired grocery chains .
The SEC on Friday issued the certificate of merger of Puregold with Daily Commodities, Inc. First Lane Super Traders Co. Inc. and Goldtempo Company Inc. which own 17 stores mostly located in Cabanatuan City and provinces of Rizal, Bulacan and Aurora.
“(These stores) will soon carry the brand name and be converted to Puregold stores,” the company told the local bourse.
Puregold intended to consolidate all stores catering to the same market group into one company to achieve effective inventory and cash management and simplified reporting to government agencies.
As of end September 2017, Puregold group has a total of 352 stores nationwide. These include 291 Puregold stores, 13 S&R membership shopping warehouse, and 31 S&R New York Style quick service restaurants, nine NE Bodega supermarkets and eight Budgetlane supermarkets. (PNA)