Jollibee, Mang Inasal chairman's property firm to go public

A property firm jointly owned by Jollibee Foods Corp. head Tony Tan Caktiong and businessman Edgar Sia II is eyeing a P1.16-billion initial public offering (IPO) within the year to bankroll planned real estate projects. 

 

The company, DoubleDragon Properties Corp., said in a statement on Friday that it has filed an IPO application with the Securities Exchange Commission. 

 

Some 579.73 million primary offer shares at up to P2 apiece are involved in the transaction, the firm said.

 

The offer shares account for 26 percent of the company's outstanding capital stock. 

 

IPO proceeds will be used to fund a planned branded community mall chain, dubbed CityMall, in locations mostly in the Visayas and Mindanao.  

 

DoubleDragon is a 50-50 joint venture between Injap Investments Inc. owned by Sia, and Honeystar Holdings Corp., headed by Tan Caktiong.

 

The company has recently completed the acquisition of 12,645 square meters of commercial land on Arnaldo Boulevard in Roxas City. This will be the site of the first CityMall.

 

DoubleDragon aims to roll out a total of 100 CityMall community malls by 2020.

 

Other than the CityMall community mall chain, DoubleDragon also intends to complete three office towers in the next six years in different central business districts in Metro Manila. 

 

In 2013, DoubleDragon posted 37-percent annual growth in net income to P126.6 million, the property firm said. 

 

DoubleDragon is the second joint venture by Sia and Tan Caktiong.

 

In 2010, Jollibee acquired for P3 billion a 70-percent interest in restaurant chain Mang Inasal, which was founded by Sia. Injap Investments has retained a 30-percent stake in Mang Inasal. –SOA/JDS, GMA News