DoubleDragon Properties Corp.'s board approved plans for a follow-on offering of 150 million common shares, worth approximately 7.5 billion Philippine pesos, in a bid to achieve blue-chip status on the Philippine Stock Exchange Composite Index.
The company expects the offering to enhance trading liquidity and strengthen its balance sheet through higher equity levels, which stood at 19.96 billion pesos as of March 31.
Meanwhile, DoubleDragon raised its leasable portfolio target for 2020 to 1.2 million square meters from 1 million square meters. Specifically, it expects an additional 100,000 square meters to come from its hospitality business through the Hotel 101 and Jinjiang Inn brands, and a further 100,000 square meters to come from its new industrial leasing arm, Central Hub Industrial Centers Inc.
The envisaged surge in leasable space is expected to lift the company's net income target for 2020 to 5.5 billion pesos from the previously announced 4.8 billion pesos.
As of Aug. 4, US$1 was equivalent to 50.28 Philippine pesos.