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DoubleDragon readies P1-b IPO

DoubleDragon Properties Inc., a property company jointly owned by Jollibee Foods Corp. chairman Tony Tan Caktiong and businessman Edgar Sia II, said Friday it plans to raise P1.16 billion through an initial public offering within the year.

DoubleDragon said in a statement it filed an IPO application with the Securities and Exchange Commission to offer 579.730 primary offer shares for a maximum price of  P2 apiece.

The shares would account for 26 percent of the company’s outstanding capital stock of P2.22 billion and market capitalization of up to P4.45 billion.

The company said it would use proceeds from the IPO to partially fund the rollout of a branded community mall chain called CityMall and other prospective residential, commercial and mixed-use real estate developments.

DoubleDragon is the second joint venture between Injap Investments Inc. owned by Sia and Honeystar Holdings Corp., headed by Tan Caktiong.

In 2010, Jollibee acquired a 70-percent interest in fast-growing grilled chicken restaurant chain Mang Inasal, which was founded by Sia, for P3 billion. Injap Investments retained a 30-percent stake in Mang Inasal.

CityMall is envisioned to become one of the largest independent branded community mall chain in the Philippines with floor area of 5,000 to 1,000 square meters each. These community malls will be built in prime locations across the country, mostly in the Visayas and Mindanao.

DoubleDragon said it aimed to roll out a total of 100 CityMall community malls by 2020.

The company recently completed the acquisition of 12,645 square meters of commercial land on Arnaldo Boulevard in Roxas City, which will be the site of the first CityMall.

DoubleDragon said aside from the CityMall community mall chain, it also intended to complete three office towers over the next six years in different central business districts in Metro Manila which would be leased out to corporate and BPO tenants.

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