[ manilastandardtoday ] Julu 14, 2010
Walter Mart, a community mall held by the Benison Group of Companies, and Puregold Price Club Inc., a wholesale and retail chain owned by businessman Lucio Co, are interested in listing in the stock market through Real Estate Investment Trust law.
Informed sources said the two mall owners were in talks with their respective financial advisers to finalize listing plans through the recently-enacted law.
Walter Mart is the first community shopping center format in the southern Luzon. Its anchor tenants include Waltermart Supermarket, Abenson Appliances, Homeplus Furniture and Abea.
There are currently 11 Walter Mart community malls strategically located in Laguna (Sta. Rosa and Calamba), Cavite (Carmona, Dasmariñas and General Trias), Metro Manila (Makati, North Edsa and E. Rodriguez), Bulacan (Plaridel and Santa Maria) and Nueva Ecija (Gapan).
Puregold, meanwhile, operates 68 outlets across Metro Manila and nearby provinces and is aggressively expanding in more areas. The first Puregold store in Shaw Boulevard in Mandaluyong was put up in 1998.
With the rise of exclusive membership on affiliation to exclusive supermarket like Makro and S&R, Puregold opened its door to the buying public without membership requirements. Puregold is opening stores in areas like Pampanga, Laguna, Cavite, Bulacan and Rizal.
The company plans to open 10 more stores this year and venture into membership shopping.
In 2008, Puregold Price Club Inc. increased its authorized capital to P3 billion from P50 million after absorbing four Puregold stores, which are separate corporations, in a bid to unify operations.
The Reit law allows real estate companies to list their revenue- generating assets such as shopping malls, tollways, hotels and office buildings, with the Philippine Stock Exchange.
Under the rules and regulations of the Reit law, a company with a minimum capitalization of P300 million may apply for registration of its securities with the Securities and Exchange Commission and avail of incentives, such as favorable tax rates and lower fees. Jenniffer B. Austria
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