DoubleDragon Properties, Tan Caktiong Raising Funds for Community Malls Venture
Property developer DoubleDragon Properties Corp., a joint venture between entrepreneur Edgar “Injap” Sia II and Jollibee Foods Corp. (PSE: JFC) founder Tony Tan Caktiong, plans to open five community malls this year as part of its diversification into the retail-oriented property portfolio. This portfolio of community malls called “CityMall” will get the bulk of the proceeds of a PhP1.16-billion initial public offering planned by DoubleDragon.
DoubleDragon filed last week with the Securities and Exchange Commission (SEC) an application to sell 579.73 million new shares to the public at an offer price of up to PhP2 per share.
Source: Philippine Daily Inquirer