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.