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Puregold, Ayala Land to put up supermarkets

Posted on July 09, 2013 12:19:11 AM [ BusinessWorld Online ]
LISTED FIRMS Ayala Land, Inc. and Puregold Price Club, Inc. have struck a deal to jointly build supermarkets in the property giant’s mixed-use projects, Ayala Land said in a statement yesterday. 
“Varejo Corp., a subsidiary of Ayala Land, announced today that it had entered into a joint venture agreement with Estenso Equities, Inc., a wholly owned subsidiary of Puregold Price Club, to develop and operate mid-market supermarkets for some of Ayala Land’s new integrated and mixed-use developments,” the statement read.
Ayala Land President Antonino T. Aquino said the agreement will add to the parties’ existing joint ventures.
“The joint venture further expands our previous tie-ups with the Puregold group in Harbor Point in Subic and Fairview Terraces in Quezon City,” the statement quoted Mr. Aquino as saying.
“This new supermarket product will further enhance our retail offerings which have been recently expanded to include our other department store and convenience store joint ventures.”
Puregold officials were not immediately available for comment.
The supermarkets, according to the statement, will operate under a new brand to be developed by Varejo and Estenso Equities.
Puregold, one of the country’s largest supermarket operators, last week told the Philippine Stock Exchange that it had incorporated Estenso Equities as a vehicle for investments in food retail businesses.
As of end-March, Puregold’s retail network counted 165 stores, consisting of Puregold, S&R and Parco outlets.
“This is part of Ayala Land’s growth strategy for its retailing business and in line with the objective of establishing integrated, mixed-use communities across the country,” the property developer said.
Ayala Land has been adding new features to its projects.
Last week, it announced it had entered into an agreement to acquire Whiteknight Holdings, Inc., which owns 33% of Mercado General Hospital, Inc. The investment, Mr. Aquino had said then, “will accelerate the provision of medical facilities in our new and existing integrated, mixed-use communities.”
Ayala Land’s net income grew by 20.83% to P3.19 billion in the first quarter from P2.64 billion in the same three months last year as revenues climbed by 39.35% to P18.52 billion from P13.29 billion.
In the same comparative periods, Puregold doubled its net income to P961.82 million from P468.59 million, as consolidated revenues increased by half to P16.09 billion from P10.74 billion with the opening of new stores.
Yesterday, shares of Ayala Land lost 95 centavos or 3.17% to close at P29 apiece, while those of Puregold also shed 95 centavos or 2.61% to end at P35.40 each. -- Cliff Harvey C. Venzon
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