DoubleDragon Properties Inc., a property developer jointly owned by Injap Investments Inc. of businessman Edgar Sia II and Jollibee Foods Corp. chairman Tony Tan Caktiong, is increasing its authorized capital stock to P20.5 billion from P500 million, ahead of a preferred shares offering.
DoubleDragon, based on statement filed with the Philippine Stock Exchange, will seek shareholders’ approval next month to increase its authorized capital stock to P20.5 billion, consisting of 5 billion common shares with a par value of P0.10 apiece and the creation of 200 million non-voting preferred shares, with a par value of P100 apiece.
DoubleDragon said the preferred shares would be issued from time to time, in one or more series.
The terms and conditions of the preferred shares, including the number of shares and timetable, will be determined by the board of directors as it deems beneficial for the company.
The company earlier said it initially planned to issue 100 million preferred shares at P100 apiece to raise as much as P10 billion in proceeds.
The preferred shares to be issued sometime in March or April next year will have a tenor of seven years.
DoubleDragon, which was listed with the Philippine Stock Exchange in 2014, aims to be one of the five largest property companies in the Philippines by 2020, through the build up of 1 million square meters of leasable space.
The property firm plans to achieve the target by building a chain of 100 community malls by 2020 that will require a capital spending of P24 billion.
The company has secured half of the sites required for the space build-up.
It is also developing the 4.8-hectare DD Meridian Park at the corner of Macapagal Ave. and Edsa Extension in Pasay City. Once the entire development is fully completed, DD Meridian Park will have over 280,000 square meters of prime leasable space.
The company plans to complete 25 CityMalls outlets this year.
DoubleDragon reported a net income of P713.6 million in the first nine months of the year, up 113 percent from P338.1 million posted in the same period last year.
The company said the opening of the first five CityMalls and the recent launching of Dragon8 Mall-Divisoria and mall stall units started contributing rental revenues.