March 14, 2014

SEC okays IPO of Double Dragon

News portal reported that the SEC has approved the plan of DoubleDragon Properties Corp for public listing. The IPO involves up to 579.73m shares to be offered at up to P2/sh to raise P1.16b. This is equivalent to 26% of the company’s outstanding shares. DoubleDragon is owned by the founders of Jollibee Foods Corp and Mang Inasal food chains.

The company intends to use the expected net proceeds of P1.03b to primarily bankroll the construction of five community malls under the CityMalls brand, land banking and other corporate purposes. SM Investment Inc has acquired a 34% stake in CitiMall Commercial Center Inc which will be DoubleDragon’s arm for commercial center development. - WealthSec