DoubleDragon to issue P10 B preferred shares

MANILA, Philippines – DoubleDragon Properties Corp., a joint venture between Mang Inasal founder Edgar “Injap” Sia II and Jollibee Foods Corp. owner Tony Tan Caktiong, plans to raise P10 billion through the issuance of preferred shares possibly in March.

The company’s shareholders approved the proposed fund raising activity in a special meeting held Tuesday.

“Target issue date of the preferred shares will be March this year after the regulatory approval of the Securities and Exchange Commission and the Philippine Stock Exchange,” said DoubleDragon chairman and CEO Edgar Sia.

Shareholders likewise approved an increase in the authorized capital stock to P20.5 billion from P500 million to facilitate the issuance of 200 million preferred shares with a par value of P100 per share.

DoubleDragon chairman and chief executive officer Edgar “Injap” Sia said bulk of the proceeds from the preferred share offering would be used to fund three major projects in the pipeline.

Among these projects include the roll out of CityMall community malls in different provincial areas of Luzon, Visayas and Mindanao, the 4.8-hectare DD Meridian Park at the Bay Area, Macapagal Avenue in Pasay City and the 40-story Jollibee Tower building located on Emerald Ave. in Ortigas.

“These are all geared toward the vision of DoubleDragon to have a total of one million square meters of leasable space portfolio by 2020, which will be the source of reaching the profit target of P4.8 billion by 2020,” Sia said.

DoubleDragon acquired its first CityMall site in Roxas City in December 2013. It is also securing 14 more CityMall sites in Zamboanga, Cebu, Iloilo, Cavite, Cotabato, Pampanga, Kalibo, Boracay, Quezon and Bacolod, with the end goal of building 100 CityMalls by 2020.

The company hopes to be one of the top five largest property companies in the country.