DOUBLEDRAGON Properties Corp. has received approval from the Securities and Exchange Commission (SEC) for its primary offer of up to 135 million common shares at P50 each, the company told the stock exchange on Friday.
The offering will have an over-allotment option of up to 15 million common shares, which means it can raise up to P7.5 billion.
DoubleDragon Chairman Edgar Sia II has said the offer is an “important step” that will “catapult the company into new levels.” He said during its initial public offering in April 2014 that there was limited opportunity for large institutional investors to participate.
“As we approach the completion of our 2020 targeted portfolio comprising 1.2 million square meters or 120 hectares of prime leasable space, this is a great opportunity for key investors to take part in the hyper growth years of the company,” he said in a statement.
The funds raised from the offer will fund the roll-out of 100,000 square meters of leasable industrial warehouse space across Luzon, the Visayas and Mindanao, as well as support the company’s hospitality arm, the company said.
In its preliminary prospectus in September, DoubleDragon said the increase in its leasable portfolio target includes 700,000 square meters from 100 CityMalls, 300,000 square meters from its Metro Manila office projects DD Meridian Park and Jollibee Tower, 100,000 square meters from the planned 5,000 hotel rooms of Hotel101 and Jinjiang Inn Philippines, and another 100,000 square meters from the company’s latest venture into industrial leasing, CentralHub Industrial Centers Inc.
CentralHub will focus on providing standardized multi-use warehouses suited for commissaries, cold storage and logistic centers, some of which will be built to the specifications of large locators. — Victor V. Saulon