DDMP REIT, Inc. has submitted an application to the Securities and Exchange Commission (SEC) for a real estate investment trust (REIT) offer.
The firm, formerly known as DD Meridian Park Development Corp., on Monday submitted to the SEC its REIT plan to sell to the public 5,942,488,469 common shares at P2.25 apiece, with an over-allotment option of up to 594,248,847.
The shares include existing common shares offered by DoubleDragon Properties Corp., Benedicto V. Yujuico and Teresita M. Yujuico.
The company will not receive proceeds, but total proceeds to be raised in the sale of offer shares will be around P14.7 million. Selling shareholders will receive a net of P14.2 million, with the full exercise of the over-allotment option.
The offer shares will represent around 36.67% of the issued and outstanding capital stock of the company after the offer is completed, assuming that the over-allotment option is fully used.
Shares amounting to 17,827,465,406 will be outstanding after the firm offer.
The company’s property portfolio includes three commercial properties with six office towers that have retail businesses – DoubleDragon Plaza, DoubleDragon Center East, and Double Dragon Center West. — Jenina P. Ibañez