DoubleDragon to buy 35% of MerryMart in P1.28-B deal

Double Dragon chair Edgar “Injap” Sia II

MANILA, Philippines — DoubleDragon Corp., the property venture of tycoons Edgar “Injap” Sia II and Tony Tan Caktiong, will acquire 35 percent of grocery store operator MerryMart Consumer Corp. in a P1.28-billion deal.

DoubleDragon disclosed to the stock exchange on Wednesday that it would be buying 2.7 billion MerryMart shares held by Injap Investments Inc., the holding company of Sia, at P0.48 each.

As a result of the transaction, DoubleDragon is also required to conduct a mandatory tender offer of MerryMart shares held by the latter’s remaining shareholders. This is subject to regulatory approvals, DoubleDragon added.

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DoubleDragon, whose main business is property development, said its acquisition would complement its ecosystem as an investment holding company.

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MerryMart currently has at least 135 branches in operation.