MERRYMART Consumer Corp. (MM) looks set to delist from the local bourse after its board approved a merger plan that would make the company a full subsidiary of property developer DoubleDragon (DD) Group.
The delisting and eventual merger is intended to consolidate operations and strengthen expansion plans, the company told the stock exchange on Tuesday.
The plan remains subject to the approval of MerryMart shareholders in a meeting scheduled on July 7, 2026.
Under the proposed deal, MerryMart shareholders will be offered a mix of cash and DoubleDragon shares, split evenly at 50 percent each, as part of DoubleDragon’s tender offer.
The merger is being positioned as a strategic consolidation between the DoubleDragon Group, backed by the Injap Group, and MerryMart, with the goal of streamlining management and unlocking operational synergies.
Edgar “Injap” Sia II is the CEO and chairman of DoubleDragon while Tony Tan Caktiong is co-chairman. Tan Caktiong is also the founder and executive chairman of home-grown food chain giant Jollibee Foods Corp.
Once the transaction is completed, MerryMart will become a direct subsidiary of DoubleDragon, whose assets stood at P225.3 billion as of end-December 2025 and with a debt-to-equity ratio said to be well below a self-imposed limit.
The integration is also expected to provide MerryMart access to a larger balance sheet and a broader expansion platform, particularly as the combined group pursues growth in both domestic and overseas markets.
“DD’s ongoing MM share acquisition tender offer, or Project Solidify as we internally call this transaction, is intended to give MM shareholders a chance to stay as DD shareholder[s] with good exchange valuation of P9.30 of each DD share,” Sia said in a letter to MerryMart shareholders.
Bourse data show that the tender offer price is significantly lower than DoubleDragon’s current book value of P19.21 per share.
The property developer’s long-term roadmap through 2035 includes hitting in excess of P500 billion in annual global revenues and an annual net income of P50 billion.
It also targets expanding its footprint across all 82 Philippine provinces, broaden its Hotel101 brand to 100 countries, achieve a debt-free balance sheet, and bring annual dividend payouts to more than P12 billion by 2035.
Trading of MerryMart shares, which closed at 43.5 centavos on Monday, was suspended. Shares of DoubleDragon surged 7.84 percent, closing at P11 apiece on Tuesday amid a 1.96-percent rise for the benchmark Philippine Stock Exchange index.