Philippines – Investment holding company DoubleDragon has announced its acquisition of a 35% stake in retail company MerryMart Consumer Corp. The acquisition is valued at P1.28 billion.
DoubleDragon has disclosed its acquisition of 2.66 billion common shares of MerryMart at P0.48 per share, signalling its entry into the retail industry.
The move is aligned with DoubleDragon’s goal of reaching P500 billion in revenues by 2035, with MerryMart expected to add value to the investment holding company’s portfolio. Its current portfolio includes provincial community malls, office buildings, and hotels.
MerryMart’s annual revenues, reaching P7 billion, account for its essential retail ventures, including its grocery business and pharmacy subsidiaries.
The acquisition is part of DoubleDragon’s strategy to add long-term value to its business. It is in line with DoubleDragon’s transition from a real estate company to an investment holding company.
DoubleDragon Corporation shifted to its current name from DoubleDragon Properties Corp. in April 2021.
In a previous disclosure, DoubleDragon co-chairman Tony Tan Caktiong said, “DoubleDragon is now in an excellent position where it can capitalise 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.”
Caktiong and Edgar Injap Sia II, chairman of DoubleDragon, are both behind major household brands in the Philippines, including fast food chains Jollibee and Mang Inasal, respectively.