SEC approves DoubleDragon’s P7.5-billion share offer

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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 apiece, the company told the stock exchange on Friday, April 20.

The offering will have an over-allotment option of up to 15 million common shares, indicating an aggregate amount of up to P7.5 billion.

The funds raised from the offering will be used to fully fund the roll-out of 100,000 square meters of leasable industrial warehouse space to be located in various parts of Luzon, Visayas and Mindanao as well as fuel the company’s hospitality arm to achieve its goal, the company said. — Victor V. Saulon