Effective today DoubleDragon Properties Corp is now officially DoubleDragon Corporation.
In the media advisory sent by DoubleDragon Corporation to THEPHILBIZNEWS, the company received today November 19, 2021, the Certificate of Amended Articles of Incorporation issued by the Securities and Exchange Commission (SEC) that amended its corporate name and primary purpose into an investment holding company.
70% of DoubleDragon Corporation is held equally with 35% each by Injap Investments Inc and Honeystar Holdings Corp of the Jollibee Group.
Both Edgar Injap Sia II and Tony Tan Caktiong have similar entrepreneurial backgrounds in starting ventures from scratch and growing them to become a well-loved household brands.
The transformation of DoubleDragon to an investment holding company is a step that the two entrepreneurs Tony Tan Caktiong and Edgar Injap Sia II foresee as a necessary preparation for the long term.
“Barely just a few years ago, our family partnered with the Sia family as we saw exciting prospects in the Philippine real estate industry. Fast forward to today, DoubleDragon has grown from zero leasable space to 1.024 million square meters of completed GFA portfolio. In hindsight, that decision has proven right as DoubleDragon from a small startup company has transformed into a company with now over P129 Billion in assets,” said DoubleDragon Co-Chairman Tony Tan Caktiong.
“DoubleDragon is now in an excellent position where it can capitalize on its strong balance sheet to add worthwhile investments outside of the property sector that would have massive growth potential. I am personally excited for what the future holds for the new DoubleDragon,” added Mr. Tan Caktiong.
Meanwhile, DoubleDragon Chairman Edgar Injap Sia II said, “As our world pivots to a new economy, my partner and mentor Dr. Tony Tan Caktiong and myself view this as the right time for DoubleDragon to prepare itself for extraordinary opportunities that will present itself along the way as we navigate out of this global pandemic towards the next economic boom cycle.”
DoubleDragon solidified its balance sheet during the pandemic. Total Equity as of September 30, 2021, stood at Php 64.44 Billion as a result of the recent DDMP REIT listing and new equity infusion of the Jollibee Group into DoubleDragon’s industrial leasing subsidiary CentralHub.