MANILA, Philippines - Businessman Lucio Co's Puregold Price Club Inc. on Monday said it spent P330 million to buy the company that owns Eunilaine and Grocer E supermarkets in Luzon.
Puregold said it bought 290,000 common shares of Company E at P1,137.93 per share. Company E, owned by
the Enciso family, owns four Eunilaine supermarts and 11 Grocer E supermarkets in Luzon.
"The total consideration is an implied 5.5 times of the full year 2013 estimated net income (of Company E Corp) under the Puregold management," the company said.
Puregold said the acquisition is seen to strengthen its presence in Quezon City, Marikina and Rizal.
The acquisition of Eunilaine and Grocer E stores will help expand Puregold's network of stores to 171 from 156 as of end December 2012.
"Additional net income from the operations of the 15 new stores in the calendar year 2013 is expected to contribute the total earnings of Puregold," it said.