Injap Sia 'excited' to lead unified DoubleDragon Group

DoubleDragon Corp. chairman Edgar “Injap” Sia II said he is “excited” to lead a bigger, unified group after nearly 99% of MerryMart Consumer Corp. shareholders accepted the company’s tender offer, saying the move will strengthen its push toward its 2035 growth targets.

The tender offer, which allowed MerryMart shareholders to exchange their shares for a combination of cash and DoubleDragon shares, is expected to bring the supermarket operator further into the DoubleDragon ecosystem.

“With about 99% of MM Shareholders tendering their shares have accepted to become DD shareholders will surely further inspire myself and our team towards the exciting journey together towards DD’s Vision 2035,” he said in an interview.

“I am excited to lead our team with entrepreneurial vigor as one single combined DD Group with MerryMart, CityMall, DDMP REIT, CentralHub, and Hotel101 going forward in a solidified force,” he added.

MerryMart shareholders were offered P0.48 per share, payable half in cash and half in DoubleDragon shares valued at P9.30 each. The tender offer ended earlier this week, with 99% of shareholders accepting.

With the development, MerryMart is set to delist from the Philippine Stock Exchange (PSE) and become a direct subsidiary of DoubleDragon Corp., in line with efforts to optimize synergies with the Jollibee Group.

MerryMart operates supermarket chain MerryMart Grocery, medium-format stores MerryMart Market, and small-format household essentials store MerryMart Express. It also operates Injap Supermart, MSuppliers, Carlos SuperDrug, Cecile’s Pharmacy, and MM Wholesale.

DoubleDragon, meanwhile, is involved in the retail, office, and leasing segments. It is also involved in hospitality through its hotel brand Hotel101.

The company targets an 1,800% increase in total revenues to P500 billion by 2035, after posting a record-high P27.91 billion in 2025, driven mainly by stronger contributions from its overseas operations.

The firm also plans to become debt-free and optimize its asset portfolio by 2035, expand its footprint across all 82 provinces in the Philippines through direct ownership or subsidiaries, and establish Hotel101 Global presence in 100 countries.

Shares in DoubleDragon closed Friday at P12.58 apiece, up by P0.14 or 1.13% from Thursday’s finish of P12.30 per share. — BAP, GMA News