DoubleDragon secures 99% of MerryMart shares

MANILA, Philippines – DoubleDragon Corp. said shareholders of nearly 99 percent of MerryMart Consumer Corp. had tendered their shares under its acquisition offer, bringing the conglomerate closer to fully consolidating the listed retailer into its business ecosystem.

In a disclosure on Thursday, DoubleDragon founder Edgar “Injap” Sia said this signals overwhelming shareholder support for the transaction internally referred to as “Project Solidify.”

READ: DoubleDragon delivered record P28-B revenue in 2025

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The acquisition allows MerryMart investors to remain part of the broader DoubleDragon group through an exchange offer that valued DoubleDragon shares at P9.30 apiece.

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Shareholders received a combination of cash and DoubleDragon shares in exchange for their MerryMart holdings.

Sia said the consolidation is expected to streamline operations, improve cost efficiencies and strengthen synergies across the group’s businesses.

“MerryMart being part of the ecosystem of DoubleDragon will help us streamline the operations, cost effectiveness and other advantages of being part of the bigger group,” he said.

The transaction further expands DoubleDragon’s portfolio, which already includes MerryMart, CityMall, DoubleDragon Property REIT, CentralHub and the Hotel101 hospitality platform.

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Following the near-completion of the takeover, Sia reiterated the group’s long-term expansion plans. This includes a target of reaching all 82 provinces in the Philippines and bringing the Hotel101 brand to 100 countries worldwide.

He also announced a revenue goal of P500 billion by 2035, nearly 18 times higher than the P27.9 billion recorded in 2025. INQ

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