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Injap, Tan Caktiong not the only ones getting richer from Double Dragon REIT IPO: Yujuicos to net P4.4B windfall

Bilyonaryos Injap Sia and Tony Tan Caktiong are not the only ones getting a massive wealth boost from the P14.7 billion initial public offering of its Double Dragon (DD) subsidiary.

The DD owners’ partners, the old rich Yujuico couple, are also getting a bonanza from the REIT (real estate investment trust) listing.

Benedicto V. Yujuico and his wife, Teresita, are set to receive up to P4.4 billion in cash from the DD REIT IPO from March 10 to 16 (listing on March 23).

The couple, who owns the land where DD’s towers stand – currently holds a combined 30 percent or 5.35 billion shares of DD Meridian Park REIT. The Yujuicos are selling between 1.79 billion and 1.96 billion shares in the IPO which would yield between P4.03 billion and P4.4 billion in cash.

Benedicto, the president of the Philippine Chamber of Commerce, is a scion of the late Clarencio Yujuico who built fortune in textiles (Gentex) and banking (Generlan Bank and Trust or Genbank which was taken over by bilyonaryo Lucio Tan and converted to Allied Bank in 1977).

Sia and Tan Caktiong’, they own a combined 70 percent of the DD REIT, are selling between 4.13 billion and 4.55 billion shares in the IPO or a cash equivalent of P9.29 billion to P10.3 billion.

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