(Source: GMA News | 25 November 2016)
The Securities and Exchange Commission (SEC) has approved the application of DoubleDragon Properties Corp. to raise P15 billion via 10-year retail bonds.
In a disclosure to the Philippine Stock Exchange on Friday, DoubleDragon said the SEC approved on November 24 its application for registration covering the bond sale.
The company noted earlier the bond sale constitutes a shelf registration facility that may be issued within three years.
The fixed rate bonds will be issued starting early December subject to the required permits from the SEC, signifying DoubleDragon’s debut in the local bond market.
The bulk of proceeds from the issuance will finance capital expenditures for CityMalls, DD Meridian Park, and Jollibee Tower.
“We expect that this round of fundraise will fully cover the total capex requirements of the company to complete the goal of one million square meters of leasable space by 2020,” said DoubleDragon Chairman and CEO Edgar “Injap” Sia II.
“Majority of the proceeds will be deployed in our projects within 2017, as by 2018 we expect to already have substantial rental revenues from our provincial community mall chain,” Sia added.
DoubleDragon is a joint venture between Mang Inasal founder Sia and Jollibee Foods Corp. founder Tony Tan Caktiong.
— By Ted Cordero/VDS