The tender offer attracted 4.83 billion shares, raising DoubleDragon’s ownership in MerryMart (MM) to 98.61 percent.
The result gives tycoons Edgar “Injap” Sia II and Tony Tan Caktiong near-total control of the grocery, pharmacy and wholesale retailer and marks a major step in folding MerryMart into the DoubleDragon real estate group.
“I am pleased that the final tally of the MM shareholders who rendered their MM shares has totaled to close to 99 percent,” Sia, who also owns MerryMart, said in a message to shareholders on Thursday.
Project solidify
Sia said the acquisition, internally known as “project solidify,” would allow MerryMart shareholders to continue as investors in DoubleDragon through the stock component of the offer.
“MM being part of the ecosystem of DD, will help us streamline the operations, cost effectiveness and other advantages of being part of the bigger group,” he said.
The tender offer followed DoubleDragon’s acquisition of control of MerryMart and offered minority investors P0.48 per share, payable half in cash and half in DoubleDragon shares valued at P9.30 each.
MerryMart earlier said it planned to seek shareholder approval for its proposed delisting as DoubleDragon moves to fully integrate the retailer into the group.
2035 Vision
With the transaction largely completed, Sia shifted attention to DoubleDragon’s longer-term ambitions and welcomed former MerryMart investors to what he described as the group’s “journey to 2035.”
He said DoubleDragon’s businesses would continue expanding across all 82 provinces in the Philippines while Hotel101 pushes into 100 countries worldwide.
“In the next 9 years, DD aims to grow its total revenues 18x or 1,800% from P27.9 Billion Revenues recorded in FY2025 to P500 Billion Total Revenues in 2035,” he said.
Sia said he remained personally involved in overseeing projects across the group, citing ongoing work on Hotel101, CentralHub warehouses, CityMall upgrades and MerryMart’s store formats. “I am All-in towards the 2035 set Vision of the whole DoubleDragon Group,” he said.
“The journey will surely not be a straight line, but I personally believe that with the entrepreneurial grit, discipline, focus and relentless perseverance of our team and with the support of all the DD Group stakeholders we will remain inspired and energized to navigate our way towards that set Vision,” he said.
—Edited by Miguel R. Camus
