DoubleDragon Properties managed to secure the green light from the Securities and Exchange Commission for its capital hike. This move paves the way for preferred shares being issued to investors. The approval was revealed in a disclosure to the stock exchange this past Monday.
The share sale’s proceeds will be allotted for the development of its community mall chain under the CityMalls brand. Concerning its net profit, DoubleDragon plans to build a recurring income portfolio with a one million square meter leasable space. This will allow the company to hit an earning range of up to P4.8 billion.
