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SEC greenlights DoubleDragon REIT offering

DOUBLEDRAGON PROPERTIES Corp. has secured the corporate regulator’s approval to bring public its real estate investment trust (REIT) that aims to raise nearly P15 billion.

In a statement, the Securities and Exchange Commission (SEC) said the Commission en banc “considered favorably” the P14.71-billion initial public offering (IPO) of DDMP REIT, Inc. The shares will be listed on the main board of the Philippine Stock Exchange (PSE), pending compliance with the bourse’s requirements.

DDMP, formerly DD-Meridian Park Development Corp., plans to conduct the public offering from March 5 to 11. It is expected to make its PSE debut on March 19.

As much as 5.94 billion common shares, which are owned by DoubleDragon, businessman and Philippine Chamber of Commerce and Industry (PCCI) President Benedict V. Yujuico and  Teresita M. Yujuico, will be offered to the public. Another 594.5 million shares were set aside for overallotment.

If the overallotment option is fully exercised, new investors will own 36.67% of DDMP’s issued and outstanding common shares. DoubleDragon will have a 44.33% interest, and the Yujuicos will own a combined 19%.

With a maximum offer price pegged at P2.25 each, DDMP may raise up to P14.71 billion from the offering.

The proceeds will be given to the selling shareholders and will be reinvested in the Philippines in accordance with the implementing rules of Republic Act No. 9856 or the Real Estate Investment Trust Act of 2009.

In a statement last November, DoubleDragon said majority of the proceeds will be injected as equity into CentralHub Industrial Centers, Inc. to boost its leasable industrial warehouse space around the country.

DDMP REIT includes the first six completed buildings in DD Meridian Park, located at the Bay Area, corner of Macapagal Avenue and Edsa Extension in Pasay City. The 4.75-hectare Meridian Park offers up to 280,000 square meters of prime office space.

Credit Suisse (Singapore) Ltd., DBS Bank Ltd., Nomura Singapore Ltd., and PNB Capital and Investment Corp. have been tapped as joint global coordinators and joint bookrunners for DDMP’s REIT offering.

CIMB Investment Bank Bhd, Investment & Capital Corp. of the Philippines (ICCP), Macquarie Capital Securities (Singapore) Pte. Ltd., Maybank Kim Eng Securities Pte. Ltd., and RCBC Capital Corp. were also named as joint bookrunners as well.

Credit Suisse, DBS, Nomura, CIMB, Macquarie, and Maybank were tapped as international bookrunners for the offer, while PNB Capital, ICCP, and RCBC Capital were chosen by DDMP as its domestic underwriters. — K.C.G.Valmonte

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