Daily Tribune‘I believe that 2024 could be the very last year in my entrepreneurial journey that the retail public can participate with a retail bond priced at an 8.008 percent coupon rate’
DOUBLE Dragon Plaza at DD Meridian Park.
DoubleDragon Corp., the real estate company led by tycoons Edgar “Injap” Sia II and Tony Tan Caktiong, is expected to further strengthen its balance sheet with a P10-billion fresh funding from its retail bond issuance.
DoubleDragon said on Monday that the Securities and Exchange Commission (SEC) issued the bond’s Permit to Sell with a coupon rate of 8.008 percent per annum last Friday. The offer period will run until 10 July.
“We are glad to tap the Peso Retail Bond market again after over 5 years. We believe that the Pricing of this Retail Bond Offering will enable a wide range of people to avail of the good coupon rate,” Sia said.
“I believe that 2024 could be the very last year in my entrepreneurial journey that the retail public can participate with a retail bond priced at an 8.008 percent coupon rate,” he added.
PRS Aaa issue credit rating
The bonds, which will be listed at the Philippine Dealing Exchange Corp. on 16 July, earned an Issue Credit Rating of PRS Aaa from the Philippine Rating Services Corp. (PhilRatings).
Similarly, PhilRatings granted the company an Issuer Credit Rating of PRS Aaa (Triple A).
Among local businesses, DoubleDragon stands out as one of the few to hold a PRS Aaa (Triple-A) credit rating from PhilRatings, demonstrating its strong ability to meet its financial commitments and maintain creditworthiness.
The company’s retail issuance came ahead of the upcoming Hotel101 Global listing in the United States, which is anticipated to further strengthen its balance sheet.
P100-B total equity
For the first time this year, DoubleDragon is poised to exceed P100 billion in total equity.
DoubleDragon stands apart from most companies in the Philippines, as it has organically developed a highly portable and exportable unique business model and brand, Hotel101.
The company’s subsidiary, Hotel101, operates on an asset-light business model and aims to become a major homegrown brand and business model export, generating significant US dollar inflows to the country.
Hotel101 intends to enhance the globally recognized Filipino brand of hospitality in each country where it operates.
DoubleDragon’s local portfolio of titled hard assets is strategically located in Luzon, Visayas, and Mindanao and is projected to reach full maturity by 2025.
DoubleDragon operates modern community malls in remote areas like Cotabato City, Koronadal City, Dipolog City, and Isulan Sultan Kudarat, stimulating local economies and promoting balanced economic growth in rural regions.
Notably, it is among the few companies with commercial investments extending to Basilan Sulu in the Bangsamoro Autonomous Region.
As of December 2023, DoubleDragon has P181.24 billion worth of total assets and equity of P94.57 billion.
