MANILA, Philippines — Double Dragon Properties Corp., is now officially DoubleDragon Corp., paving the way for its transformation into an investment holding company.
Its founders Tony Tan Caktiong and Edgar Injap Sia II foresee it as a necessary preparation for the long term.
The company received yesterday the Certificate of Amended Articles of Incorporation issued by the Securities and Exchange Commission (SEC) which amended its corporate name and primary purpose into an investment holding company.
DoubleDragon is owned 35 percent each by Injap Investments Inc. and Honeystar Holdings Corp. of the Jollibee Group.
“Barely just a few years ago, our family partnered with the Sia family as we saw exciting prospects in the Philippine real estate industry. Fast forward to today, DoubleDragon has grown from zero leasable space to 1.024 million square meters of completed GFA portfolio. In hindsight, that decision has proven right as DoubleDragon from a small startup company has transformed into a company with now over P129 billion in assets,” said Tan Caktiong.
He said DoubleDragon is now in an excellent position where it can capitalize on its strong balance sheet to add worthwhile investments outside of the property sector that would have massive growth potential.
“I am personally excited for what the future holds for the new DoubleDragon,” said Tan Caktiong.
Sia said “now is the right time for DoubleDragon to prepare itself for extraordinary opportunities that will present itself along the way as we navigate out of this global pandemic towards the next economic boom cycle.
Total equity stood at P64.44 billion as of Sept. 30 as a result of the recent listing of DDMP REIT and new equity infusion of the Jollibee Group into DoubleDragon’s industrial leasing subsidiary CentralHub.
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Article was originally published in PhilStar Global and written by Iris Gonzales.