Property

Wilcon eyes No. 65 store in 2020: Belo family still has over P900M IPO funds

Wilcon Depot Inc., the home improvement store founded by low-key bilyonaryo William Belo, is pursuing its store expansion program despite the coronavirus pandemic.

Wilcon, which is managed by Belo’s daughter Lorraine Cincochan, is eyeing to build its 65th store this year and is on track of its target to operate 100 stores by 2025.

Wilcon opened its 60th store in Calumpit, Bulacan last June 26.

While the lockdown has delayed its construction plans, Wilcon is confident of finishing five more stores this year.

Wilcon still has close to a billion pesos left from its initial public offering (IPO) that it could use for its expansion.

Based on its report to the Philippine Stock Exchange, Wilcon has spent a total of P5.835 billion from its 2017 IPO as of June 30, 2020. Over 90 percent of these funds were used to put up more stores.

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