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DoubleDragon raises P7.4B from notes issuance


The property firm jointly owned by Jollibee Foods Corp. chairman Tony Tan Caktiong and business partner Edgar “Injap” Sia II on Friday raised P7.4 billion from the issuance of debt papers to fund ongoing projects.
 
In a disclosure to the Philippine Stock Exchange, DoubleDragon Properties Corp. said it raised the corporate notes issuance to P7.4 billion from P6.5 billion due to strong institutional demand. 
 
"We are glad that the great long-term potential of DoubleDragon Properties Corp. has been recognized," DoubleDragon chairman Edgar "Injap" Sia II said in a statement.
 
The company said the proceeds from the seven-year fixed rate corporate notes will be used to finance capital expenditures primarily for the development of CityMall community malls, DoubleDragon Plaza at The Meridian Park, Dragon8 Shopping Center-Divisoria, The Skysuites Tower and general corporate purposes.
 
The notes issuance was facilitated by BDO Capital & Investment Corp. 
 
DoubleDragon said it is on target to complete the first of five CityMalls this year which are located in Roxas City; Consolacion, Cebu; Tetuan, Zamboanga City; Anabu, Imus; and Tagbak Jaro, Iloilo City.
 
Last May, DoubleDragon acquired the rights, title and interests of Equitable Development Corp. and Menlo Capital Group over a 5,972-square-meter property located at C.M. Recto corner Dagupan Streets in Divisoria.
 
In June, DoubleDragon Properties Corp. signed a deal to jointly develop a 4.75-hectare property in Pasay City into a mixed-use development.
 
In September, DoubleDragon signed an agreement with Rizal Commercial Banking Corp. (RCBC) to own the foreclosed 38-storey building formerly owned by the controversial Globe Asiatique Realty Holdings Corp.
 
DoubleDragon is the second business venture of Sia and Tan Caktiong after Jollibee Foods bought a 70 percent stake in Mang Inasal for P3 billion in 2010. Sia kept a 30-percent interest in the grilled chicken restaurant chain which he founded.
 
The company was incorporated as Injap Land Corp. in 2009 and changed its name to DoubleDragon after it became a joint venture with Tan Caktiong in 2013. It was listed on the Philippine Stock Exchange last April 7. —Danessa O. Rivera/KG, GMA News
 
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