DDMP REIT, Inc. (stock symbol: DDMPR), the second Real Estate Investment Trust (REIT) company to conduct an initial public offering (IPO), listed its shares in the Philippine Stock Exchange (PSE) on Wednesday, March 24.
In his taped message, PSE President and CEO Ramon S. Monzon commended DDMPR as it now holds the record for the highest number of Local Small Investor (LSI) count of 12,073 from an IPO. Companies conducting an IPO are required to offer 10 percent of their shares to LSIs. “Now, with two successful REIT IPOs within less than a year, we are optimistic that more real-estate companies will consider listing REITs. With more REIT issuances, we are not only providing companies a platform to raise capital for their expansion, we are also giving investors more investment options and we are helping the country through the reinvestment policy required from REIT issuers.
Finance Secretary Carlos G. Dominguez III said in his recorded message, “At this particular time in our history, REITs are indispensable to rebuilding a strong and truly inclusive economy for our people. These will make available capital to our financial system that will help fund our long term growth.
The Duterte Administration ensured that all shareholder proceeds from REIT offerings will be retained within our domestic economy and used to drive our growth.”
The listing ceremony was attended virtually by PSE Board of Directors led by PSE Chairman Jose T. Pardo and DDMPR Directors. Also in attendance were Directors from DoubleDragon Properties, Corp. (DD), one of the sponsors of DDMPR.
On-site for the bell ringing event were PSE Management led by PSE COO Roel A. Refran and DDMPR Directors led by Chairman Emeritus Amb. Benedicto V. Yujuico; DDMPR President and COO Mr. Ferdinand J. Sia; DDMPR Chairman Edgar J. Sia II and PNB President and CEO Jose Arnulfo A. Veloso.
As an asset class, REITs are required to declare dividends of at least 90 percent of its distributable income to its shareholders.
Investors may only trade REITs through Eligible Brokers. The list of REIT Eligible Brokers is available on the PSE website, www.pse.com.ph.
Photo 1 shows from left, by row: DDMPR Chairman Emeritus Amb. Benedicto V. Yujuico and DDMPR President and COO Mr. Ferdinand J. Sia; DoubleDragon Properties Corp. Chief Investment Officer Hannah Yulo-Luccini, DDMPR Chairman Edgar J. Sia II, PSE COO Roel A. Refran and PSE Issuer Regulation Division Head Marigel B. Garcia; PNB President and CEO Jose Arnulfo A. Veloso, DDMPR Director Jaime Rafael M. Yujuico, DDMPR Director Jesus Emmanuel M. Yujuico and Securities Clearing Corporation of the Philippines COO Renee D. Rubio.
Photo 2 shows from left, by row: DDMPR Chairman Edgar J. Sia II, Finance Secretary Carlos G. Dominguez III, PSE President and CEO Ramon S. Monzon, SEC Commissioner Ephyro Luis B. Amatong; PSE Director Chief Justice Teresita J. Leonardo-De Castro (ret.), Adviser to the DD Board Chief Justice Artemio V. Panganiban (ret.), PSE Chairman Jose T. Pardo, DD and DDMPR Co-Chairman Tony Tan-Caktiong, PSE Director and DDMPR Independent Director Edgardo G. Lacson; PSE Director Wilson L. Sy, DD Independent Director and Former Energy Secretary Vicente S. Perez, Jr., PSE Director Ferdinand K. Constantino, PSE Director Consuelo D. Garcia, DDMPR Independent Director Rene J. Buenaventura; PSE Director Diosdado M. Arroyo, DD Independent Director Gary P. Cheng, DDMPR Independent Director Antonio L. Go, PSE Treasurer Omelita J. Tiangco and PSE Director Roberto Cecilio O. Lim.#