SVS not part of CPL, Patel says

 THE City Pharmacy Ltd (CPL) Group has not acquired Super Value Stores (SVS) operations in Port Moresby, chairman Mahesh Patel says. 

He said CPL only took over the space  SVS was using to conduct its businesses. 

“We have not acquired SVS,” Patel explained yesterday.

“We are actually taking over the lease from the East New Britain Government because the buildings are owned by East New Britain Development Corporation.

“SVS had moved out and we are signing a lease. We are not buying the business or taking SVS,” Patel explained. He added that it would take another five to six months for the Waigani Central supermarket in Port Moresby to be reopened.

Patel said the supermarket would be reopened for business before independence in the former Stop and Shop after renovations were carried out.

“The building which got burnt down is going to take a longer time to open so in the interim, what we are doing is we’ll be using the old Waigani Central (Stop n Shop),” he said. 

“But because it is an old building and a lot of renovations, new air conditioning, new refrigeration, new tiling need to be done. We are spending almost K2.5million just doing that old place up, because the new one is under investigation for structural damage.”

“Unless it is absolutely safe, we don’t want to really risk it.

“We covered for loss of profits, loss of business, or what they call, a business interruption insurance, and that will not be determined after five or six months. But stock alone (loss) was between K5 millon and K6 million.”