Philippines' Puregold Price Club Inc. received approval from the SEC on the consumer goods distributor's proposed merger with three retail companies held by its supermarket operating arm Entenso Equities, according to a Nov. 28 SEC filing.
The Cosco Capital Inc.-owned retailer will issue a total of 14,551,209 shares to its subsidiary valued at about 567.5 million Philippine pesos (US$11.28 million) as part of the transaction.
The deal, which was first filed May 4, aims to combine all of Puregold's same-market stores, such as Daily Commodities, First Lane Super Traders and Goldtempo, under its brand to better manage cash and stocks.
As of Nov. 27, US$1 was equivalent to 50.30 Philippine pesos.
