Friday, February 29, 2008 7-11 store eyes OFWs as investors
LEADING convenience store operator 7-11 on Thursday revealed that they are now targeting migrant workers or overseas Filipino workers (OFWs) as new investors for the company.
Jose Victor Paterno, president and chief operating officer of Philippine Seven Corporation (PSC), the owner of 7-11, said they are in talks with returning migrant workers from the US and Europe who are looking for a better investment in the country.
"We are in talks with so many prospective investors and most of them are migrants," Paterno said during a press briefing shortly after its 10th listing anniversary held at the Philippine Stock Exchange in Ortigas.
Paterno said investment in putting up a franchise store of 7-11 ranges from P3 million to as high as P100 million.
Meanwhile, Vicente Paterno, chairman of PSC said, the year 2007 had been profitable for them after posting a net income of P54 million last year.
Paterno said the income recorded in 2007 is higher than the P25 billion posted a year ago while their sales last year also increased by 4.9 percent to P5.5 billion.
For 2007, 41 new stores were open bringing to 309 the total stores of 7-11 nationwide.
"This year we are targeting 400 stores," Paterno added.
The company is also allocating P650 million capital expenditures for 2008, which will be used for the opening of the new stores, the upgrade of their existing stores and the purchase of new equipment.
The 91 new stores will be located in Baguio, Lucena and Quezon province.
Funding for the new stores will come from internally generated funds and from the approved credit facilities from banks, namely, Banco de Oro, Citibank, Bank of the Philippine Islands and Metrobank. (MSN/Sunnex)
