SEC approves Puregold, Budgetlane merger

GROCERIES operator Puregold Price Club, Inc. said on Monday it had secured the approval of the Securities and Exchange Commission on its planned ers a total of P14.55 million for 14.55 million common shares valued at P1 apiece.

“The Company intends to consolidate all stores catering to the same market group into one Company,” Puregold said in a disclosure to the stock exchange.

“The Company expects better reporting to government agencies as a result of this merger,” it added.

The merger’s transaction cost net book value against the closing price of Puregold as of endDecember 2016.

Following the deal, Puregold said it will issue new shares as consideration of the merger.

Puregold’s outstanding shares to date stand at 2.76 billion shares. After the merger, it will effectively increase to 2.78 billion common shares.

As of end- September 2017, the Puregold group operated a total of 352 stores nationwide. These include 291 Puregold stores, 13 S& R membership shopping warehouses, and 31 S& R New York Style QSRs ( quick service restaurants), nine NE Bodega Supermarkets and eight Budgetlane Supermarkets.