DoubleDragon Properties Inc. moved its planned share sale worth P6 billion to July this year.
DoubleDragon, according to the latest timetable approved by the Philippine Stock Exchange, will conduct domestic and international roadshows from June 18 to 21 and pegged the final offering price for the sale of up to 150 million common shares on June 22.
The company scheduled the offering period from July 2 to July 6 and the listing date on July 13. DoubleDragon earlier planned to conduct the offering in June after the PSE approved it.
DoubleDragon chairman and chief executive Edgar Sia II said in a text message the slight adjustment in the company’s offering timetable would enable underwriters to conduct a book building process before fixing the final price.
“They need minimum of three days for domestic and international roadshows before pricing,” Sia said
The company tapped Credit Suisse (Singapore) Ltd., Maybank Eng Securities Pte. Ltd. and UBS as international book runners and lead managers and BPI Capital Corp. and Maybank ATR Kim Eng Capital Partners Inc. as the domestic lead underwriters.
DoubleDragon plans to use the proceeds to finance the company’s industrial leasing and hospitality business. It aims to add 200,000 square meters of leasable space to its leasing portfolio by 2020.
DoubleDragon also plans to spend for land acquisition to fuel growth of the business beyond 2020 and for general corporate purposes.
DoubleDragon earlier said the planned share sale would result in an increase of the company’s total equity to strengthen its financial position.
The share sale will boost the company’s chances of becoming one of the blue chip stocks in the bellwether Philippine Stock Exchange Index in the near term.
The company earlier increased its 2020 leasable portfolio target 1.2 million sq. m. comprising of 700,000 sq. m. from 100 CityMalls, 300,000 sq. m. from its Metro Manila office projects, 100,000 sq. m. from the planned 5,000 hotel rooms of Hotel 101 and Jinjiang Inn Philippines, and another 100,000 sq. m. from its latest industrial leasing.
DoubleDragon raised its 2020 net income target to P5.5 billion from P4.8 billion.
