Sia, the co-founder, chair and CEO of DoubleDragon, bought 3.65 million common shares of the company on Sept. 19. The shares were purchased at P9.50 each, amounting to a total of P34.66 million.
This raised his direct and indirect holdings by 37 percent to 5 million shares in the builder, which owns offices, malls and hotels via Hotel101.
DoubleDragon shares have slumped by about 10 percent since late July, as investors worry about the company’s exposure to Philippine Offshore Gaming Operators (POGOs), following President Marcos’ plan to ban POGOs by the end of the year.
Sia is also purchasing shares amid improving prospects for real estate as the Bangko Sentral ng Pilipinas kicked off monetary easing efforts while Hotel101 embarks on an aggressive international push.
