Philippines’ MerryMart to Build Stores in Founder’s Properties
Philippines’ MerryMart to Build Stores in Founder’s Properties
(Bloomberg) -- One of 10 MerryMart Consumer Corp. outlets will be located in DoubleDragon Properties Corp. malls, offices and hotels in the next 10 years, Edgar Sia, who heads both companies, said.
DoubleDragon will be landlord to 120 of the Philippine grocer’s 1,200 stores by 2030, Sia said in a mobile-phone text message. Sia is chief executive officer of MerryMart and co-chairman at DoubleDragon, a Philippine builder of malls, hotels, offices and warehouses.
MerryMart shares will start trading on Monday on the Philippine Stock Exchange after the company raised 1.6 billion pesos ($31.89 million) through an initial share sale. Part of the proceeds will fund 25 of the 100 outlets MerryMart plans to have by next year, Sia said.
“The potential synergy between the two companies is an opportunity that can be leveraged for strategic purposes,” said Japhet Louis Tantiangco, an analyst at PhilStocks Financial Inc. DoubleDragon and MerryMart can help each other reach their goals, he said.
DoubleDragon shares jumped 11% on Thursday. Friday was a holiday in the Philippines.
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