DoubleDragon and MerryMart chair Edgar “Injap” Sia II
US-based The Capital Group, one of the world’s largest investment fund managers, has acquired a 5-percent stake in property developer DoubleDragon Properties Corp.
In a disclosure to the Philippine Stock Exchange on Friday, DoubleDragon said Capital Group had acquired 118.49 million of its shares equivalent to a 5-percent stake.
The US firm’s stake is valued at around P1.93 billion as of Friday. The property developer has a market capitalization of close to P38 billion to date.
DoubleDragon, which is led by young tycoon Edgar Sia II, is in the business of leasing provincial community retail centers, office buildings, industrial warehouses and operating hotels. Its shopping malls under the brand CityMalls are all located outside the National Capital Region.