MANILA - DoubleDragon Properties on Thursday said its subsidiary CityMall Commercial Centers Inc signed an agreement allowing the lease of 50 mall rooftops for common telecommunications towers.

ALT-Global Solutions Inc, one of the chosen common telecommunication companies by the Department of Information and Communications (DICT), will lease 50 CityMall rooftops, DoubleDragon said in a disclosure to the stock exchange.

Leasing the mall rooftops will provide new revenue streams, DoubleDragon said.

The rollout of common telco towers is part of the government's initiatives to improve mobile services in the country. Regulators also tapped the Mislatel consortium led by businessman Dennis Uy and China Telecom to set up the third telco.

CityMall operates community malls, mostly located in Visayas and Mindanao. It plans to open 100 branches by 2020, the company said.