DoubleDragon wants to join blue-chip index
DoubleDragon Properties Corp. of Bilyonaryo Edgar ?Injap? Sia aspires to join the elite roster of Philippine blue chip stocks in the near term.
A blue-chip stock is the stock of a large corporation with a solid reputation and long history of sound financial performance, and more often than not a household name.
In September 2016, DoubleDragon was one of five listed companies included in the PSEi (Philippine Stock Exchange index) reserve list owing to the growth in its market capitalization.
As of Aug. 30 this year, DoubleDragon?s market capitalization stands at P99.11 billion.
The company is raising as much as P7.5 billion from a follow-on offering of up to 150 million shares to fund its corporate requirements and capital expenditures of its projects and subsidiaries.
“Steady trading activity in the stock is one of the important criteria in its inclusion in the PSEi and the company believes that a follow on offering will not only increase trading volumes in the stock but will also allow the entry of a good base of institutional investors to further strengthen the position of DoubleDragon in the international investment community.
The follow on offering will also result in the increase of the company?s total equity that will further strengthen its financial position,? DoubleDragon said.