DoubleDragon Properties Corp. looks to raise as much P14.7 billion from a real estate investment trust (REIT) and seeks to change the articles of incorporation of unit DD-Meridian Park Development Corp. and its name to DDMP REIT Inc.
DoubleDragon said it expects to file its REIT initial public offering application with the Securities and Exchange Commission within this week and it plans to tap six foreign and three domestic underwriters.
This follows after the company announced that profit for the first nine months of the year rose 61.12 percent to P5.03 billion from last year’s P3.12 billion. Revenues grew 41.30 percent to P9.79 billion from P6.93 billion a year ago.
“2020 is a reset year, 2021 a recovery year, and 2022 to 2030 should be highly promising growth years. Our team will continue to strive hard with vigor to cause both DoubleDragon and MerryMart to in time be in a position where it can efficiently and significantly capture that next great cycle ahead,” said Edgar Sia II, DoubleDragon chairman.