DoubleDragon Properties Corp. has secured approval to change its name to DoubleDragon Corp. and to transform from a real estate developer into an investment holding company.
The company disclosed to the Philippine Stock Exchange on Friday that the Securities and Exchange Commission (SEC) issued a Certificate of Amended Articles of Incorporation that allowed the change in its name and primary purpose.
In a press release, it said the transformation is a step that entrepreneurs Tony Tan Caktiong and Edgar “Injap” J. Sia II foresee “as a necessary preparation for the long term.”
Mr. Tan Caktiong, DoubleDragon co-chairman, said: “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 [gross floor area] portfolio.”
He said in hindsight, that decision was proven right as DoubleDragon has transformed from a small startup into a company with more than P129 billion in assets.
Messrs. Tan Caktiong and Sia started their partnership in 2012.
“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,” Mr. Tan Caktiong said.
DoubleDragon Chairman Mr. Sia said the two of them view the move as the right time for the company to prepare “for extraordinary opportunities that will present itself along the way as we navigate out of this global pandemic towards the next economic boom cycle.”
Mr. Sia’s Injap Investments, Inc. and Mr. Tan Caktiong’s Honeystar Holdings Corp.
equally share over 70% ownership of DoubleDragon.
DoubleDragon has four principal business segments, namely: retail leasing, office leasing, industrial leasing, and hotels. — Marielle C. Lucenio