DoubleDragon’s Singapore unit sets $125-M offer
DOUBLEDRAGON Corp.’s Singapore unit is set to tap the offshore capital market for $125 million in equity capital issuances as part of its goal of becoming a listed company in an international stock exchange.
“This capital exercise would also enable Hotel101 Global to achieve its aspiration of eventually becoming a listed company in a stock exchange abroad,” the company said in a disclosure.
The move is seen to help the company in achieving its aspiration of becoming one of the top largest hotel brands in the world.
To reach its goal, the company is aiming to expand its room portfolio to 200,000 by 2035 through direct investments, joint ventures with local companies in other countries, and concept licensing arrangements.
The series A and series B issuances are expected to increase the company’s total equity to over P80 billion from the current P71.6 billion equity base.
The subsidiary, Hotel101 Global Pte. Ltd., will hold all the international investments of Hotel101 outside the Philippines.
“Hotel101 Global is intended to be the future overseas initial public offering vehicle for the group’s international expansion of Hotel101,” DoubleDragon said.
Investors of the series A issuance will have the opportunity to take early equity positions in Hotel101 Global.
The first series A tranche of Hotel101 Global is set to be launched in January next year with a series of investor calls with offshore venture capital institutions.
Meanwhile, the company is also launching an application, in Apple iOS and Android, by February next year that is designed to efficiently work in multiple countries.
“The technologically advanced and user-friendly ‘Hotel101 Global App’ will be the core of its global operations as it will hold the thousands of uniform Hotel101 units owned mainly by third party unit owners enrolled exclusively in the Hotel101 Global App,” the company said.
DoubleDragon aims to make its homegrown Hotel101 a world-class brand by all hotel standards. Rooms in the hotel brand are catered to the mid-end market.
On Wednesday, shares in DoubleDragon rose by 0.44% or three centavos to close at P6.90 apiece. — Justine Irish D. Tabile
