MerryMart founder and chairman Injap Sia said nearly 99 percent of the retailer’s shareholders have tendered their shares under DoubleDragon Corp.’s acquisition offer, paving the way for the company’s voluntary delisting and deeper integration into the DoubleDragon Group.
In a letter to shareholders, Sia described the overwhelming response as a strong vote of confidence in the transaction, which offers MerryMart investors a mix of cash and DoubleDragon shares valued at P9.30 each.
The deal, internally known as “Project Solidify,” will fold MerryMart more closely into DoubleDragon’s expanding portfolio, which includes CityMall, DDMP REIT, CentralHub and Hotel101. Sia said the consolidation is expected to streamline operations, improve cost efficiencies and strengthen synergies across the group.
“Almost 99 percent of you have decided to tender your MM shares,” Sia told shareholders. “I welcome you to our exciting journey to 2035.”
The delisting comes as DoubleDragon unveils one of the Philippine corporate sector’s most ambitious growth targets. The company aims to expand annual revenues nearly 18-fold to P500 billion by 2035 from P27.9 billion in 2025, while deepening its presence across all 82 provinces and accelerating the global rollout of its Hotel101 brand to 100 countries.
The transaction also signals Sia’s push to simplify DoubleDragon’s corporate structure as it enters its next growth phase. Rather than holding shares in a smaller listed subsidiary, former MerryMart investors will gain direct exposure to the broader group’s property, retail, logistics and hospitality businesses.
Sia, who wrote the letter while on a business trip in China for Hotel101, said he remains “all-in” on the group’s long-term vision. Over the coming weeks, he is scheduled to oversee projects ranging from logistics expansion in Capiz to upgrades at CityMall sites and MerryMart stores.
For investors, the near-unanimous acceptance of the tender offer clears a major hurdle for the delisting. For DoubleDragon, it marks the beginning of a broader consolidation strategy designed to support its aggressive 2035 growth ambitions.
