Hotel 101 moves closer to Nasdaq listing
DoubleDragon Corp., the property venture of tycoons Edgar Sia II and Tony Tan Caktiong, has moved a step closer toward listing its global hospitality chain on the tech-heavy Nasdaq Stock Exchange, a first for a Filipino-owned company.
Condotel chain Hotel101 Global on Monday officially submitted to the US Securities and Exchange Commission its registration statement for its $2.3-billion listing on the American bourse under the ticker “HBNB.”
This follows “months of rigorous preparation and compliance” with the US regulator and Nasdaq’s listing requirements, DoubleDragon said.
Hotel101 will be the first Filipino company to list and trade on Nasdaq.
DoubleDragon also recently unveiled plans to pursue the stock market debut of its industrial warehouse subsidiary, CentralHub Industrial Centers Inc., this year. It is slated to be the country’s first industrial real estate investment trust.
CentralHub currently has 60.57 hectares of industrial assets, including the largest commissary of fast-food giant Jollibee Foods Corp. (JFC). It plans to expand its P24.8-billion leasing portfolio in preparation for its listing.
The Tan Caktiong-led JFC acquired an initial 38.71-percent stake in CentralHub for P1.92 billion in June 2021, thus introducing the tycoon’s newest partnership with Sia.
JFC had agreed to infuse industrial properties into CentralHub.
The listing of CentralHub and Hotel101 would unlock a combined P51.3 billion in fresh equity, DoubleDragon said.
Fresh bond offer
DoubleDragon likewise began its P10-billion bond offer on Monday following the approval of the Philippine Securities and Exchange Commission.
The seven-year notes carry a 7.77-percent interest rate per annum, with the minimum investment set at P50,000.
DoubleDragon said in a statement on Monday that the bonds, the second tranche of its P30-billion shelf registration bonds program, would be offered until Feb. 14.
