Jollibee owner’s property firm aims to raise P1.16B in IPO

MANILA, Philippines – DoubleDragon Properties Incorporated – a joint venture of Tony Tan Caktiong’s Honeystar Holdings Corporation and Injap Sia II’s Injap Investments Incorporated – will conduct an initial public offering (IPO) this year.

The property firm is aiming at raising P1.16 billion to help fund the rollout of CityMall, its planned chain of community malls, among other development projects. 

In a statement, DoubleDragon said it is seeking the Securities and Exchange Commission’s approval for it to offer 579.730 primary shares at up to P2 per share.

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

DoubleDragon targets to build 100 CityMall branches by 2020, mostly in the Visayas and Mindanao, with its first branch rising in a 12,645-square meter commercial land along Arnaldo Boulevard in Roxas City.

Each community mall is envisioned to have a floor area of 5,000 to 10,000 square meters.

Other DoubleDragon projects in the pipeline are 3 office towers in the next 6 years, targeted at corporate and BPO tenants in Metro Manila’s business districts.

DoubleDragon Properties posted a net income of P126.6 million in 2013, a 37% growth from P92.4 million in 2012.

The company is the second joint venture by Tan Caktiong and Sia. In 2010, Tan Caktiong’s Jollibee acquired 70% of shares in Injap Investments’ Mang Inasal. Sia’s Injap Investments retained 30% in the chain of grilled chicken restaurants. – Rappler.com