PUREGOLD Price Club, Inc. has secured clearance from the Securities and Exchange Commission (SEC) to incorporate a new subsidiary that will handle its remittance business.
In a disclosure to the stock market on Monday, the Lucio L. Co-led firm said the SEC has approved the incorporation of PurePadala, Inc.
“In partnership with banks, financial institutions, and other financial technology entities, PurePadala is intended to operate a cash remittance business for the benefit of the customers and shoppers of Puregold Group of Companies,” the company said.
Puregold launched its PurePadala services back in 2014, catered toward overseas Filipino workers (OFWs) who would like to send remittances to relatives in the country.
Under PurePadala, OFWs can specify how much of the amount sent will be used for grocery shopping at any Puregold store, how much can be for the payment of utility bills, and how much can be encashed.
“This is Puregold’s commitment in making sure that OFWs and all remittance senders’ sacrifices are worth it — one transaction at a time,” the company said in its website.
The service is also available for local remittances.
The listed supermarket operator grew its consolidated net income by 24% to P3.08 billion in the first six months of 2018, from the P2.48 billion it posted in the same period a year ago. This followed a 13.2% jump in consolidated net sales to P64.03 billion.
Puregold ended June 30 with a total of 393 stores, 341 of which are Puregold, 16 are S&R membership shopping warehouses, and 36 are S&R New York Style quick service restaurants.
Shares in Puregold slipped 0.95% or 40 centavos to close at P41.60 each at the stock exchange on Monday. — Arra B. Francia
