MANILA, Philippines – Lucio Co’s Puregold Price Club is expanding its foothold in the Greater Manila Area through the acquisition of 14 stores of DiviMart supermarkets.

The deal will instantly convert all acquired DiviMart locations to Puregold under a sublease transaction.

These 14 stores are located in:

• Angat, Bulacan
• Pandi, Bulacan
• Morong, Bataan
• Cabanatuan City, Nueva Ecija
• Olongapo City
• San Isidro, Taytay, Rizal
• San Miguel, Pasig City 
• General Trias, Cavite
• Bacoor, Cavite
• Cabuyao, Laguna
• Tayuman, Manila
• Aliaga, Nueva Ecija
• Taytay, Rizal
• Pulilan, Bulacan

An additional 18 DiviMart locations will be evaluated for possible conversion to Puregold stores, according to Puregold’s stock exchange filing.

DiviMart is a Filipino supermarket chain founded in 1989 by Harry Uy and Vivian Ong Juanitas. It has over 30 branches nationwide and is known for its affordable goods.

Puregold told regulators that the acquisition is below 10% of the company’s book value.

“The parties are still finalizing the definite consideration for the contemplated transaction because the evaluation of store locations, improvements, furniture, fixtures, equipment, and merchandise inventory is still ongoing,” Puregold said.

As of end-March, Puregold had a total of 531 stores nationwide – 456 Puregold stores, 23 S&R Membership Shopping Warehouses, and 52 S&R New York Style QSRs. 

Puregold’s consolidated net income went up 12% to P2.4 billion in the first three months of 2023. 

Net sales for the first quarter rose by 15% P44.4 billion. Puregold Stores contributed P30 billion while S&R Warehouses contributed Php 14.4 billion. – Rappler.com