DoubleDragon targets P51.3 billion in fresh equity for 2025

DoubleDragon Corp. aims to raise P51.3 billion in fresh equity capital this year, marking the largest capital boost in its history. 

The move is fueled in part by the upcoming Nasdaq listing of its Singapore-based subsidiary, Hotel101 Global Pte. Ltd.

In a statement on Monday, DoubleDragon said the new capital will come from initiatives including the Hotel101 listing, an equity follow-on offering, and the listing of its real estate investment trust, CentralHub REIT.

“DoubleDragon expects that 2025 will be the most significant year since the DoubleDragon joint venture between Edgar ‘Injap’ Sia II and Tony Tan Caktiong came to life 13 years ago in 2012,” the company said.

Hotel101 officially filed its F-4 Registration Statement with the US Securities and Exchange Commission on February 1 (Philippine time), taking a key step toward its $2.3-billion Nasdaq listing.

The firm entered a definitive merger agreement with JVSPAC Acquisition Corp. in April 2024, positioning DoubleDragon to become the first Filipino company with a subsidiary listed on Nasdaq.

JVSPAC, listed on Nasdaq, is a blank-check company led by Chairman and CEO Albert Wong, who also heads Kingsway Group Holdings, the sole distributor of Lamborghini in Hong Kong, Macau, and Guangzhou.

DoubleDragon operates across four main business segments: retail leasing, office leasing, industrial leasing, and hospitality.

The company reported a P2.53-billion net income in the first nine months of 2024, with revenues rising 4.46% to P6.42 billion. — DVM, GMA Integrated News