Saturday, May 30, 2015Saturday, May 30, 2015

Philippine property firm DoubleDragon soars on market debut

Published on Apr 7, 2014 11:58 AM

MANILA (Reuters) - Shares of the Philippines' DoubleDragon Properties Corp jumped almost 40 per cent on their trading debut on Monday, as investors expressed confidence in the management to deliver on its planned projects.

DoubleDragon, a joint venture of Jollibee Foods Corp owner Tony Tan Caktiong and businessman Edgar Sia II's Injap Investments Inc, raised 1.16 billion pesos (S$32.5 million) in the country's first initial public offering (IPO) of 2014.

At the opening bell, the property company's share price was up 20 per cent and surged as much as 37.5 per cent in early trade.

That compared with a 0.04 per cent rise in the local property index and 0.6 per cent increase in the main share index.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!