MerryMart founder pitches DD tender offer amid market volatility

Insider Spotlight

• MerryMart shareholders urged to consider DoubleDragon’s ongoing tender offer
• Injap Sia says integration can improve efficiency and resilience during economic uncertainty
• DoubleDragon outlines a 2035 vision targeting higher revenues, profits and global expansion

MerryMart Consumer Corp. founder Edgar “Injap” Sia is encouraging shareholders to consider DoubleDragon Corp.’s ongoing tender offer, positioning the transaction as a way to strengthen operations and navigate a challenging economic environment.

In a message to shareholders dated June 2, Sia said Philippine equities have been hit by an “almost unprecedented” decline in share prices as multiple economic pressures weigh on the market. 

He noted that even long-established blue-chip companies have not been spared, with visibility on a recovery remaining uncertain in the coming months.

Why it matters

DoubleDragon’s acquisition effort for MerryMart shares, internally referred to as “Project Solidify,” seeks to give shareholders the option to exchange their holdings through a combination of cash and DoubleDragon shares. Sia said the offer provides an exchange valuation of P9.30 for each DoubleDragon share.

According to Sia, bringing MerryMart more closely into the DoubleDragon ecosystem could help streamline operations, improve cost effectiveness and create strategic advantages that make the businesses more resilient amid economic instability. He added that the recalibration is intended to benefit both entities over the long term.  

The bigger picture

Sia also used the message to reiterate DoubleDragon’s long-term ambitions through 2035. He said the group aims to expand and strengthen its presence across all 82 Philippine provinces while continuing the international rollout of Hotel101, its hospitality brand, with a target footprint in 100 countries worldwide.

He invited MerryMart investors who choose to tender their shares to join what he described as DoubleDragon’s “journey to 2035,” alongside subsidiaries including CityMall, DDMPR and CentralHub.

What’s next

DoubleDragon’s 2035 vision includes exceeding P500 billion in annual consolidated revenue and more than P50 billion in net income, becoming debt-free, and generating annual cash dividends above P12 billion. 

The company also aims to fully develop its existing asset portfolio across Luzon, Visayas and Mindanao while completing nationwide coverage through its operations and subsidiaries.

The disclosure also noted that DoubleDragon, which listed on the Philippine Stock Exchange in 2014 at P2 per share, was trading at P10.20 per share as of the day before the message, equivalent to roughly five times its initial public offering price.  — Daxim L. Lucas | Ed: Corrie S. Narisma