MANILA - DoubleDragon Properties Corp on Thursday said its board approved the move to rename its company as it prepares to invest in more diversified ventures in the future.
Edgar “Injap” Sia II's company will be called DoubleDragon Corp as it "aspires to become one of the most active, durable and responsible Filipino conglomerates," the company said in a disclosure to the stock exchange.
"As our world pivots to a new economy, we view this as the right time for DoubleDragon to prepare itself for opportunities that will present itself along the way as we navigate out of this global pandemic," Sia said.
"We are inspired to position DoubleDragon to become a major contributor and to be in the forefront in the rebuilding of the new economy post this unprecedented global pandemic,” he added.
Sia's partner and Jollibee Foods Corp founder Tony Tan Caktiong said DoubleDragon is now in an "excellent position where it can capitalize on its strong balance sheet to add worthwhile investments outside of the property sector that would have massive growth potential."
"I am personally excited for what the future holds for the new DoubleDragon,” said Tan, who is also the co-chairman of DoubleDragon.
Tan said the company now has 1.024 million square meters of leasable space in its completed gross floor area portfolio and over P122.5 billion in assets.
DoubleDragon is the developer and operator of the DoubleDragon Plaza at DD Meridian Park in Pasay City and the CityMall chain of commercial centers, among others. Sia has also recently launched a real estate investment trust unit called DDMP REIT Inc.