The Market Monitor Minding the Nation's Business
The Securities and Exchange Commission (SEC) has approved the P10-billion preferred shares offering of DoubleDragon (DD) Properties Corp., the proceeds of which will mainly fund real estate development projects this year.
In papers filed with the SEC, DoubleDragon Properties said it would offer 50 million preferred shares with an oversubscription of 50 million shares at an offer price of P100 each.
The preferred shares proposed to be created and issued upon approval of the increase in authorized capital stock would be listed and traded on the main board of the Philippine Stock Exchange.
DoubleDragon Properties said net proceeds would finance the development of CityMalls project, DD-Meridian project, Jollibee Tower and Skysuites Tower, as well as for general corporate requirements.
The company is engaged in real-estate development including residential and commercial subdivisions, buildings and condominium projects.