DoubleDragon came up with a plan to raise P10 billion from the preferred share sales. The dividend rate is pegged at 6.477% per annum. This is the bottom end of the indicative range, as revealed by the company yesterday during a disclosure to the stock exchange.
The rate stood 200 basis points beyond the simple average of the seven-year benchmark rate for three days before the pricing date. The demand reached over P26 billion at the low end of the price range, which is around five times the base offer. Proceeds from the share sale will be allotted for its community mall project under the CityMalls brand.
