DoubleDragon Properties Corporation has moved at the last minute the listing of the initial public offering shares of its subsidiary DDMP REIT Inc. to March 24, 2021 from the original schedule of March 23.
In a disclosure posted by the Philippine Stock Exchange in its website at past 7 in the evening, DoubleDragon and DDMP REIT Chairman Edgar Sia II claimed they had to move the listing date because more time is needed for the lodgement of shares.
“Due to the heavy volume of over 50,000 total investors who subscribed to the DDMP REIT IPO, the lodgement of shares has not yet been finished and would need an additional 1 day to complete,” Sia said.
DDMP REIT recently concluded its P14.7 billion IPO where it offered 5.94 billion common shares with an over-allotment option of up to 594.25 million shares at P2.25 per share.
“The DDMP basket is seen to be a compelling REIT offering since it will include the land, a premier corner lot located along the main thoroughfares of Macapagal Avenue, EDSA Extension and Roxas Boulevard, where the first 6 completed buildings sit on,” said Sia.
He added that, “This feature is expected to be a game changer since the value of the prime double corner 4.75 hectare block of land with titled land ownership to be held in perpetuity should keep on appreciating decade after decade, a very important inclusion for both domestic and foreign investors,” as previously.”
“When there is underlying titled land ownership included in the REIT shares, even a hundred years from now it should keep its hard value intact. We see DDMP shares as a 'Pamana Stock' that even our future grandchildren will be happy to inherit," Sia noted.
“We are optimistic that more property companies will list REITs in the Exchange this year given the benefits to the REIT company, its investors and to the country’s economy because of the reinvestment in the Philippines rule for the REIT’s sponsor,” said PSE President and CEO Ramon S. Monzon.