Double Dragons eyes P1B fund-raising for mall projects

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The founders of Jollibee Foods Corp. (JFC) and Mang Inasal are consideraing raising P1 billion from the equities market to help fund the construction of five shopping malls in various parts of the country.

The Securities and Exchange Commission (SEC) has authorized DoubleDragons Properties Corp., the joint venture of the founders of JFC and Mang Inasal, to offer 579.7 million common shares at P2 apiece that will generate proceeds of P1.03 billion.

The shares will be listed and traded on the First Board of the Philippine Stock Exchange.

An SEC document showed that DoubleDragons will use the proceeds from its initial public offering to develop its first five shopping malls under the CityMalls brand.


Part of the proceeds will be used for the company’s planned land banking activities and working capital.

“The company has undertaken preliminary activities for the acquisition of commercial areas in Manila, Iloilo, Zamboanga, Quezon City and Roxas City, which approximately cost P200 million, P100 million, P100 million, P200 million, and P100 million, respectively,” the company told the SEC.

“Davao, Pampanga, Baguio, Kalibo, Cebu, Boracay, Las Pinas, Cagayan de Oro, Butuan, and Mindoro, are also being evaluated as prospective sites for the company’s projects,” it added.

DoubleDragons said it is eyeing other sources of funds for its mall developments.

“The balance of the required amounts shall be funded through internally generated funds, existing credit lines and other potential borrowings to finance the expected use of proceeds,” the firm said.

DoubleDragons, formerly Injap Land Corp., was incorporated and registered with the SEC on December 9, 2009, primarily to engage in real estate development and other related business ventures. The company started commercial operations in November 2010.

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