InterAksyon.com means BUSINESS
MANILA - Puregold Price Club Inc. plans to tap the debt market to raise funds for expansion.
In a disclosure to the Philippine Stock Exchange, the country's second biggest retailer said its executive committee approved the issuance of corporate notes.
In a text message, Roberto Juanchito Dispo, First Metro Investment Corp. president, said Puregold is eyeing to raise P5-8 billion from the transaction. FMIC was tapped as the lead underwriter and arranger of the transaction.
"Expected proceeds from such possible corporate notes issuance shall be earmarked to finance [Puregold’s] new store roll outs, organically and via acquisitions," the company said.
The supermarket operator accelerated its store expansion this year to 31 from 25. It will stick to its plan to open 25 stores in 2013, mostly outside of Manila, while keeping an eye for acquisitions, Leonardo Dayao, Puregold president, said in a previous interview.
The company raised its consolidated net sales growth projection to 50 percent, faster than the guidance of 25 percent issued at the start of the year, because of the consolidation of newly acquired Parco and S&R, as well as the impact of new store openings.
At the end of the first semester, the group had 134 stores in 35 cities and 28 municipalities with a net selling area of 272,907 square meters.
Puregold posted a 32 percent rise in net income to P1.03 billion in the first half from P783 million in the same period last year.
InterAksyon.com means BUSINESS
'The Philippines has arrived', executive says as Rolls Royce appoints distributor in Manila
Who has accounts in offshore tax havens? Investigative journos post database online
