DDMP REIT, Inc. has filed an application to the Securities and Exchange Commission (SEC) for an investment trust (REIT) sale.
The group, formerly known as DD Meridian Park Creation Corp., submitted its REIT proposal to the SEC on Monday to offer 5,942,488,469 common shares at P2.25 apiece to the public, with an over-allotment opportunity of up to 594,248,847.
The securities shall comprise the current common shares issued by DoubleDragon Assets Corp., Benedicto V. Yujuico and Teresita M. Yujuico.
The corporation will not earn any proceeds, but the gross proceeds to be earned through the selling of the share offering will be about P14.7 million. Selling shareholders would earn a net of P14.2 million, with the complete exercise of the over-allocation incentive.
Deal securities would constitute roughly 36,67 per cent of the issued and outstanding capital stock of the company after the close of the offer, provided that the over-allocation opportunity is completely exercised.
Shares of 17,827,465,406 would be unpaid on the basis of the firm’s bid.
The company’s land portfolio comprises three industrial buildings and six office towers and retail companies – DoubleDragon Plaza, DoubleDragon Center East and DoubleDragon Center West.