History
Cosco Capital began as an oil and gas exploration company. The company was originally incorporated on January 19, 1988, as Alcorn Petroleum and Minerals Corporation (later Alcorn Gold Resources Corporation), focused on oil and mineral exploration.[1]
On September 8, 1998, Puregold Price Club was founded by Lucio Co and his wife Susan Co. Its first branch opened on December 12, 1998, as the anchor tenant of Liberty Center (now Mandala Park)[3] along Shaw Boulevard in Mandaluyong.[4]
In January 2000, the firm's board and shareholders approved a new charter: it became a broad retail holding company and changed its name to Cosco Capital, Inc. on January 13, 2000. This reflected the vision of founder Luis Co Chi Kiat (the family patriarch) and his son Lucio Co to diversify beyond oil. Thereafter Cosco Capital gradually acquired and built up new businesses in retail, real estate, liquor distribution, and other sectors.[1]
In the 2000s and 2010s, Cosco expanded its retail and property ventures. It became the majority owner of Puregold Price Club, Inc., a supermarket chain. In 2008 and 2010 Puregold introduced new formats (Puregold Jr. and Puregold Extra) to reach more customers.
In 2012, Fertuna Holdings (a Cosco affiliate) co-developed Harbor Point Mall in the Subic Freeport with Ayala Land, which opened in September 2012 with a Puregold anchor tenant. Around the same time, Cosco acquired Office Warehouse, Inc. (founded 1998) to enter the specialty retail sector.[1][5]
In 2012-2013 Puregold (Cosco's supermarket arm) also acquired Kareila Management Inc. (owner of S&R Membership Shopping), giving Cosco a substantial stake in S&R's six warehouse clubs.[5]
Cosco also built up a wine and spirits distribution group. Through its affiliate The Keepers Holdings, Inc., Cosco owned Montosco, Meritus, Premier Wine & Spirits, and Fertuna Distributions. These companies collectively became the Philippines’ largest importer and distributor of wine and liquor, with over 74% of import volumes by 2020.[1]
In June 2021 Cosco restructured this business by spinning off the liquor subsidiaries into The Keepers Holdings (a separate listed company). Specifically, Cosco exchanged its 100% ownership of Montosco, Meritus and Premier for 11.25 billion new shares of The Keepers at P2.00/share. This share swap created a more focused beverage-distribution listing.[6]
In 2022 Cosco entered a joint venture (JV) with Thailand’s Siam Global House Public Co. to build one-stop home improvement “warehouse” outlets in the Philippines. However, in late 2024 Cosco announced it terminated that planned P500-million JV due to “current market conditions”. The company said in December 2024 that management of both parties mutually decided not to proceed with the venture.[7]
