DoubleDragon makes leap to PSE’s ‘big league’

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(Source: ABS-CBN News | June 8, 2015)

DoubleDragon Properties Corp. on Monday said it has received approval from the Philippine Stock Exchange (PSE) to move up its listing to the main board one year after it was listed at the small and medium enterprise board.

DoubleDragon, a company owned by Mang Inasal founder Edgar “Injap” Sia II and Jollibee Foods owner Tony Tan Caktiong, said its transfer to the main board at the stock exchange is “due to the substantial improvement in its financial position.”

“We are looking forward to achieving even better trading multiples as we enter the big league and navigate through this exciting high growth stage over the next several years,” said Hannah Yulo, chief investment officer and senior vice president for corporate finance at DoubleDragon.

The firm said the effectivity date of its transfer will be set and announced by the PSE.

DoubleDragon is currently the 10th largest listed property company in terms of market capitalization. It opened the country’s first CityMall in Roxas City, Capiz in March.

DoubleDragon has secured 20 CityMall sites in key provinces, and is aiming to complete 25 CityMalls by end of the year, and 100 CityMalls by 2020.

The company is also developing DD Meridian Park, a 4.8-hectare mixed-use development located at the corner of Macapagal Ave. and EDSA Extension in Pasay City.