The Philippine Stock Exchange (PSE) has approved a follow-on offering of DoubleDragon Properties Corp. worth about P6 billion, proceeds from which will fund the property developer’s “hyper” growth phase.
Based on an offering circular posted by the PSE yesterday, DoubleDragon was given the go-ahead to sell to the public as much as 150 million new common shares at between P30 and P40 per share.
The offering will run from June 4 to 8 while the listing of the new shares is tentatively set for June 18. The final offer price will be announced on Thursday.
The international bookrunners and lead managers for the offering are Credit Suisse (Singapore) Ltd., Maybank Kim Eng Securities Pte. Ltd. and UBS AG Singapore branch. The domestic lead underwriters and bookrunners are BPI Capital Corp. and Maybank ATR Kim Eng Capital Partners Inc.
DoubleDragon intends to use the proceeds from the offer to expand its industrial leasing and hospitality businesses. This expansion will add 200,000 square meters of leasable space to its portfolio by 2020. On the hospitality business, the goal is to have 5,000 hotel rooms by 2020.
The company also plans to acquire more land to fuel future growth.—DORIS DUMLAO-ABADILLA