The Securities and Exchange Commission (SEC) said it has approved DoubleDragon Properties Corp.’s P14.71-billion real estate investment trust initial public offering (IPO) through unit DDMP REIT Inc.
“In its February 16 meeting, the Commission En Banc resolved to render effective the registration statement of DDMP REIT Inc. for 17,827,465,406 common shares for listing on the Main Board of the Philippine Stock Exchange (PSE), subject to the company’s compliance with the remaining requirements,” the capital market regulator said.
In November last year, DDMP REIT filed with regulators a plan to sell 6.53 billion of its shares at an offer price of up to P2.25 apiece. It will be divided into a firm offer of 5.94 billion shares and another 594.25 million shares covering the greenshoe option, in an initial public offer.
The shares for sale are owned by DoubleDragon, Benedict V. Yujuico and Teresita M. Yujuico.
DoubleDragon said it expects to spend the proceeds to invest in four office towers in Manila, three hotel development in Boracay, Mactan, and Baguio and 20 new warehouses around the country.
The REIT sale cover 36.67 of DDMP post-IPO. DoubleDragon will retain a 44.33 percent interest, while the Yujuicos will continue to own 9.65 percent and 9.35 percent, respectively.
The REIT sale is tentatively eyed March 5 to 11, 2021, with listing eyed on March 19, 2021.