DoubleDragon Corp., a company led by tycoons Edgar "Injap" Sia II and Tony Tan Caktiong, on Wednesday announced its plan to raise $125 million from venture capital investors to support the international expansion of its Singapore-listed subsidiary Hotel101 Global Pte. Ltd.

In a regulatory filing, DoubleDragon said the company's Board of Directors approved the Series A and Series B offshore equity capital issuances, the first tranche of which will be launched in January.

The company said tapping the offshore equity venture capital market is seen as expanding DoubleDragon's total equity by over P80 billion, from its current P71.6 billion total equity base.

"Hotel101 Global will primarily hold all international investments of Hotel101 outside the Philippines. Hotel101 Global is intended to be the future overseas IPO vehicle for the Group's international expansion of Hotel101," the company said in its stock report.

"Series A offshore institutional investors will have the opportunity to be one of the first batches of venture capital investors that can take early equity positions in Hotel101 Global," it added.

Best hotel brand
DoubleDragon said it also plans to transform Hotel101 Global into one of the 10 best hotel brands globally.

Meanwhile, the company envisions its local Hotel101 brand to "become world-class in all standards and create job opportunities for Filipinos who reside in the Philippines or abroad and also aims to bring a pinch of pride and honor to (every) Filipino from anywhere around the world where it may eventually locate and operate."