UNITED STATES-based investment firm The Capital Group Companies, Inc. is increasing its stake in DoubleDragon Properties Corp. to 5%.
In a regulatory filing sent in advance to reporters on Friday, the listed property firm said it sold 183,100 common shares to The Capital Group at P14.96 each. This increases the Capital Group’s investment and voting discretion in DoubleDragon to 118,495,700 common shares, equivalent to 5% of its total outstanding shares.
The investment is made through The Capital Group’s subsidiary Capital Research and Management Co. (CRMC). The transaction was done by CRMC on Mar. 12.
“The above mentioned shares were purchased and are held solely for the investment purposes in the ordinary course of business and not with the purpose or effect of changing or influencing control,” it said in the filing.
The Capital Group is the parent company of investment management firms CRMC and Capital Bank & Trust Co. On its website, it said it is managing more than $1.8 trillion in investments across the world.
As of end-2018, the owners of DoubleDragon that have shares reaching at least 5% of the total are Injap Investments, Inc. (34.85%), Honeystar Holdings Corp. (34.85%), BDO Securities Corp. (9.88%) and Deutsche Bank Manila-clients (5.24%).
The company booked an attributable net income of P2.45 billion in the first nine months of 2019, soaring from P966.02 in the same period a year ago, driven by a 47% jump in revenues to P6.93 billion
Shares in DoubleDragon at the stock exchange closed 30 centavos or 1.88% higher to P16.30 apiece on Friday. — Denise A. Valdez