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DoubleDragon Properties plans to raise up to 7.5B pesos via share offering

DoubleDragon Properties Corp. confirmed a March 11 media report that it plans to raise 7.5 billion Philippine pesos from a share sale.

The diversified real estate company confirmed a news article from the Manila Standard that said it filed an amended registration statement March 8 to sell up to 135 million common shares, along with an overallotment option for an additional 15 million common shares, priced at 50 pesos apiece.

Net proceeds from the share sale would be used to expand its industrial leasing and hospitality businesses. The company aims to add 200,000 square meters of leasing space to the leasing portfolio by 2020. In February, it had revised its 2020 target for accumulated leasable space upward to 1.2 million square meters from 1 million square meters.

The report had said the offer period is from April 25 to May 2, and the listing date is May 9. DoubleDragon noted that the timing and size of the offer is subject to regulatory approvals.

Credit Suisse, Maybank Kim Eng and UBS are the international book runners and lead underwriters. BPI Capital Corp. and Maybank ATR Kim Eng are the domestic lead underwriters and book runners.

As of March 12, US$1 was equivalent to 50.03 Philippine pesos.