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MANILA - Puregold Price Club Inc. plans to raise as much as P5 billion from an issuance of fixed-rate corporate notes.
In a disclosure to the Philippine Stock Exchange, the country's second biggest retailer said it will conduct a lenders’ briefing on Thursday as part of the debt issuance.
First Metro Investment Corp. was tapped as the lead underwriter and arranger of the transaction, which will bankroll new store openings and acquisitions.
Puregold has set a capital expenditure budget of P3 billion for the year.
The supermarket operator accelerated its store expansion this year to 31 from 25. It will stick to its plan to open 25 stores, mostly outside of Manila, in 2013 while keeping an eye for acquisitions, Leonardo Dayao, Puregold president, said in a previous interview.
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.
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.
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.
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