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Philippines' Puregold gets SEC approval for triple merger

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.