Property developer DoubleDragon Corp., a joint venture between business magnate Injap Sia and bilyonaryo Tony Tan Caktiong, plans to raise funds through a top-up offering of its $160 million bonds listed on the Singapore exchange.
The move is aimed at financing the expansion of its Hotel101 brand overseas.
DoubleDragon’s offshore subsidiary, DDPC Worldwide Pte. Ltd., has mandated UBS as the sole global coordinator, lead manager, and bookrunner for the bond sale.
The property developer believes it is high time for a Filipino hotel brand to be exported overseas, with its subsidiary, Hotel101 Global Pte Ltd., aiming to grow its room portfolio to 500,000 by 2040.
DoubleDragon said any bonds issued pursuant to the top up offering would be consolidated with and increase the outstanding principal amount of DDPC Worldwide’s existing listed maiden US dollar denominated bonds on the Singapore Exchange.
The company’s goal is to make the Hotel101 brand one of the top five global hotel groups operating in over 101 countries.
DoubleDragon has already completed a portfolio of over 1.2 million leasable recurring income-generating gross floor area located in strategic areas in Luzon, Visayas, and Mindanao.
As of September 2022, DoubleDragon’s total assets amounted to P147.2 billion, with total equity at ₱71.81 billion.
READ RELATED STORIES:
Even the best fall down sometimes: Here are biggest fast food flops of Tony Tan Caktiong’s Jollibee