Posted on June 08, 2015 10:20:00 PM [
BusinessWorld Online ]
By Krista Angela M. Montealegre,
Senior Reporter
DOUBLEDRAGON Properties Corp. will
soon join the ranks of the country’s largest firms after bagging the approval
of the Philippine Stock Exchange (PSE) to transfer to the Main Board, just a
little over a year since its entry in the stock market.
In a statement, DoubleDragon said the
real estate firm “has gotten the nod from the Philippine Stock Exchange to move
up its listing to the Main Board” from the Small, Medium and Emerging (SME)
Board, citing “substantial improvement in its financial position.”
The exchange has yet to set the
effectivity date of DoubleDragon’s promotion to the Main Board.
“They have to satisfy the requirements
for listing in the Main Board at the time of the transfer,” PSE Chief Operating
Officer Roel S. Refran said in a mobile phone message.
Under the exchange’s Listing Rules,
companies that list on the Main Board must have an authorized capital stock of
at least P500 million, and at least three years of operating history. They
should also have earnings before interests, taxes, depreciation and
amortization of at least P50 million for the last three years prior to listing
and a positive stockholders’ equity for the immediately preceding fiscal year.
DoubleDragon’s stock has surged 380%
to P9.60 apiece as of yesterday since listing on the SME Board on April 7, 2014
at a price of P2 each.
“Most companies tap the equity market
for an IPO (initial public offering) only 10 to 15 years after their business
is operational, a stage where their businesses may already be nearing maturity,
but personally, I don’t mind at all sharing the company ownership with
thousands of other investors during its rapid growth years,”
DoubleDragon Chairman Edgar “Injap”
Sia II was quoted in the statement as saying. “It’s actually more exciting to know
that many investors have trust and confidence in our vision.”
With a market capitalization of P21.54
billion, DoubleDragon is the 10th largest listed property company and it aims
to become one of the five largest property companies in the Philippines by
2020.
“We are looking forward to achieving
even better trading multiples as we enter the big league and navigate through
this exciting high-growth stage over the next several years,” said Hannah H.
Yulo,
DoubleDragon chief investment officer
and senior vice-president for Corporate Finance.
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