DoubleDragon Properties Corp., a joint venture between Jollibee Foods Corp. chairman Tony Tan Caktiong and Mang Inasal founder Edgar Sia, said it obtained regulatory approval to increase authorized capital stock to P20.5 billion.
DoubleDragon said in a disclosure to the stock exchange the Securities and Exchange Commission also approved the company’s application for the creation and issuance of P10 billion worth of preferred shares.
DoubleDragon early this month said it would issue P10 billion of preferred shares which would only be created after the SEC approved the company’s application for amendment to articles of incorporation.
“With the SEC approval, the preferred shares are considered issued to the stockholders,” DoubleDragon said.
DoubleDragon could also apply with the Philippine Stock Exchange for the listing of the preferred shares.
PSE earlier issued several advisories stating that DoubleDragons’ offering was only for subscription to the preferred shares to be created and issued pending approval by the SEC.
BPI Capital Corp., one of the underwriters of the DoubleDragon’s preferred shares offering, said PSE issued the advisory because the exchange wanted the investing public to be aware that the preferred shares had been processed by PSE for listing yet and that there was no guarantee that the preferred shares would be listed with the exchange.
In 2015, DoubleDragon reported that its net income grew by 11 percent to P623 million from P561 million recorded in the same period last year.
Total revenues also went up by 13 percent to P1.9 billion on the back of higher residential sales and strong rental revenues.
As of end 2015, the company had P19.9 billion in investment properties almost double the P10.5 billion in 2014, mainly due to aggressive build up of the company’s land bank during the year.
To date, the property firm has secured 2/3 of the land bank it needs for its five year plan.
Under its five year plan, DoubleDragon aims to develop one million square meters of leasable space that will translate to P4.8 billion in net income by 2020.
To achieve this target, it plans to roll out 100 CityMalls across at the country and to develop office projects that will cater to the business process outsourcing industry.