Bilyonaryo Edgar “Injap” Sia II has consolidated near-total control over MerryMart Consumer Corp, securing a 98.61% stake following a mandatory tender offer aimed at streamlining his retail and real estate empire.
During the tender offer period from May 18 to June 16, minority shareholders surrendered 4.83 billion common shares to parent firm DoubleDragon Corp.
Combined with previously acquired block sale shares, the transaction consolidates DoubleDragon’s near-total ownership of the company.
Tendering minority investors will transition into DoubleDragon assets at an exchange valuation of P9.30 per share, paid out in a 50-50 cash-and-stock structure.
“I am pleased that the final tally of the MM [MerryMart] shareholders who Tendered their MM shares has totaled to close to 99%,” Sia said in a statement. “MM being part of the ecosystem of DD [DoubleDragon], will help us streamline the operations, cost effectiveness and other advantages of being part of the bigger group. The recalibration should strategically benefit both entities over the long run.”
Sia, who co-owns DoubleDragon with Jollibee Foods Corp founder Tony Tan Caktiong, has locked in a long-term target to scale the holding company’s revenues 18-fold over over the next nine years to P500 billion.
The group aims to increase its top line from P27.9 billion in fiscal year 2025 to P500 billion by 2035.
“As a Filipino entrepreneur that grew up and started from the province of the Philippines, I, like many probinsyanos take personally and seriously whatever we aim to do,” Sia said. “It’s pretty simple, if DD Group will hit those goals 9 years from now by 2035, then I consider that an extraordinary Filipino entrepreneurial success. That simple. Let’s see.”
Initially debuting on the local bourse 12 years ago as a startup priced at 2.00 pesos per share, the stock closed at P12.28 on June 16—a 614% increase from its initial public offering.
“The journey will surely not be a straight line,” Sia added. “But I personally believe that with the entrepreneurial grit, discipline, focus and relentless perseverance of our team… we will remain inspired and energized to navigate our way towards that set Vision.”
To fuel this growth, DoubleDragon is executing a rapid expansion plan. Domestically, it aims to plant its retail, community mall, and logistics warehouse hubs across all 82 provinces in the Philippines. Internationally, the company is export-testing its proprietary, asset-light “Hotel101” condotel model with an ultimate target of expanding into 100 countries.
