DoubleDragon Properties Corp. has secured approval to alter its identify to DoubleDragon Corp. and to remodel from an actual property developer into an funding holding firm.
The corporate disclosed to the Philippine Inventory Alternate on Friday that the Securities and Alternate Fee (SEC) issued a Certificates of Amended Articles of Incorporation that allowed the change in its identify and first objective.
In a press launch, it stated the transformation is a step that entrepreneurs Tony Tan Caktiong and Edgar “Injap” J. Sia II foresee “as a crucial preparation for the long run.”
Mr. Tan Caktiong, DoubleDragon co-chairman, stated: “Barely only a few years in the past, our household partnered with the Sia household as we noticed thrilling prospects within the Philippine actual property trade. Quick ahead to at this time, DoubleDragon has grown from zero leasable house to 1.024 million sq. meters of accomplished [gross floor area] portfolio.”
He stated in hindsight, that call was confirmed proper as DoubleDragon has reworked from a small startup into an organization with greater than P129 billion in property.
Messrs. Tan Caktiong and Sia began their partnership in 2012.
“DoubleDragon is now in a wonderful place the place it could possibly capitalize on its robust stability sheet so as to add worthwhile investments exterior of the property sector that may have large progress potential,” Mr. Tan Caktiong stated.
DoubleDragon Chairman Mr. Sia stated the 2 of them view the transfer as the appropriate time for the corporate to arrange “for extraordinary alternatives that can current itself alongside the best way as we navigate out of this world pandemic in direction of the following financial increase cycle.”
Mr. Sia’s Injap Investments, Inc. and Mr. Tan Caktiong’s Honeystar Holdings Corp.
equally share over 70% possession of DoubleDragon.
DoubleDragon has 4 principal enterprise segments, particularly: retail leasing, workplace leasing, industrial leasing, and accommodations. — Marielle C. Lucenio