SM Investments Corp is investing an undisclosed amount in CityMall Commercial Center Inc (CMCCI), according to ABS-CBN News.
Based on a disclosure to the Philippine Stock Exchange, SM inked an agreement to aquire 34% of the shares of CMCCI. The remaining shares are owned by DoubleDragon Properties Corp, which is a joint venture of the founders of popular food chains Mang Inasal and Jollibee, the report detailed.
Last month, DoubleDragon filed for an initial public offering (IPO) worth PHP1.16 billion with the Securities and Exchange Commission. According to the company, the proceeds will be used for the development of its real estate and commercial projects. Most of the money will be allotted for its flagship development project, which is CityMall, the report stated.
The chain of city malls will be constructed mostly in the Visayas and Mindanao areas. Each establishment will have a food court that features Jollibee, Mang Inasal, Highlands Coffee, Chowking, Greenwich, and Red Ribbon. It will also have a supermarket and other retail stores. According to DoubleDragon, it aims to build 100 city malls by 2020, ABS-CBN News reported.
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