Philippines' DoubleDragon subsidiary Hotel101 progresses towards Nasdaq listing

SINGAPORE, June 2 (Reuters) - Hotel101 Global Holdings Corp and Nasdaq-listed special purpose acquisition company JVSPAC Acquisition Corp (JVSA.O), opens new tab said on Monday they had obtained a regulatory nod to proceed with a business combination agreement.
They said in a statement that the U.S. Securities and Exchange Commission had declared effective Hotel101's registration statement on form F-4 filed with the SEC in connection with the business tie-up.
JVSPAC is a publicly listed shell that raises funds to merge with a private entity. Hotel101 is the hotel arm or subsidiary of Philippines-listed DoubleDragon (DD.PS), opens new tab.
The business combination values Hotel101 at an equity value of $2.3 billion, according to the statement. Upon listing, the combined company will operate as Hotel101 and will become the first Philippine-owned company to be listed and traded on Nasdaq, the statement showed.
JVSPAC said that it has scheduled an extraordinary general meeting of shareholders on June 24 to vote on the proposed business combination with Hotel101.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Coin Geek

2 hours ago

• Coin Geek

President Marcos Jr. approves 4 ecozones for H1 2025

Getting your Trinity Audio player ready... Pasay City — Strengthening its vision of eco-zoning the Philippines towards inclusive and sustainable development, the Philippine Economic Zone Authority (PEZA) continues to spur countryside development through the creation of more ecozones, seen to facilitate the growth and development of our regions and attract new and strategic investments in the country. PEZA Director General Tereso O. Panga said, 'As a medium-term strategy under the Philippine Development Plan, the ecozones will play a vital role in attracting the much-needed investments in the country, generating more jobs for Filipinos, and contributing in accelerating the nation's socio-economic progress.' For the first half of the year, President Ferdinand R. Marcos Jr. approved four (4) ecozones—two (2) expansions of a manufacturing zone in Batangas, and two (2) new IT Parks in Tagbilaran City and Bacolod City. Aboitiz-led Lima Technology Center Expansions President Ferdinand R. Marcos Jr. approved the expansion of Lima Technology Center in Batangas and the creation of a new IT Park in Bacolod City. On 21 May 2025, Proclamation No. 910 was issued by the Office of the President, designating 23.49 hectares of land located in Barangays Bagong Pook and Luta Sur, Malvar, Batangas to be included in the existing Lima Technology Center (LTC). More than PhP 980 million will be invested in the development of the area, which is expected to be completed by June 2027. Additionally, another expansion area for LTC was also approved by the Office of the President in March under Proclamation No. 846, adding 19.23 hectares to the ecozone. These expansions are expected to further amplify Aboitiz InfraCapital's contributions and better enable PEZA to execute its commitment to sustainable economic progress and national development. Megaworld's The Upper East IT Park Meanwhile, President Marcos Jr. signed Proclamation No. 919 last 02 June 2025 which creates and tagbilarandesignates 33.96 hectares of land in Barangay 41, Bacolod City as an IT Park to be called The Upper East. The IT Park, to be operated by Megaworld, is projected to attract over PhP 1 billion in investments for the construction of two IT buildings. Five (5) IT-BPO companies are expected to operate in the park, creating over 2,500 local jobs. The development of this IT park solidifies the position of Bacolod City as an emerging IT-BPM hub in the country and will further create opportunities for innovation and development. Tagbilaran Uptown IT Hub 2 Apart from these new ecozones, PEZA also formalized the proclamation of Tagbilaran Uptown IT Hub 2 as an IT Park in Bohol with the signing of its registration agreement on May 08. The President signed Proclamation No. 821 designating three parcels of land in Brgy. Dampas, Tagbilaran City with an area of about 11,237 sqm as an IT Park. Building on the success of the 1.4-hectare Tagbilaran Uptown IT Hub 1, the zone significantly boosted local economic activity and employment. With a projected investment of over PhP 200 million, the expansion aims to generate additional jobs and attract more IT-BPM locators. A prospective locator has already expressed interest in investing upwards of PhP 70 million and hiring over 500 Filipinos. PEZA Director General Tereso O. Panga and TURC President Albert M. Uy following the signing of the Registration Agreement for the Tagbilaran Uptown IT Hub 2 According to the latest report from the Philippine Statistics Authority (PSA), the majority of the top 10 local government units (LGUs) outside of Metro Manila—ranked by GDP contribution and foreign investment inflows—are home to economic zones (ecozones), highlighting their role as key drivers of regional economic growth. PEZA continues to engage with local governments and developers in advancing ecozone development in the country. With PEZA's pivotal role in facilitating the establishment of these zones, this further solidify the Philippines' position as a premier investment destination in the region. 'At PEZA, under my watch, we continue to engage with our partner developers like Aboitiz and Megaworld in creating more ecozones that attract investments and drive growth, prosperity, and innovation nationwide. Together, we strengthen our shared commitment to eco-zoning the Philippines toward inclusive and sustainable development— para sa Bagong Pilipinas! ' said DG Panga. Under the Marcos Jr. Administration, a total of 32 ecozones have been proclaimed, bringing in PhP 13.406 billion in committed investments. PEZA is also working to establish the Palawan Mega Ecozone—the first of its kind in the country—and the Pantao Ecozone, eyed as the fifth public ecozone, both targeted for proclamation within the current administration.

Reuters

2 hours ago

• Reuters

Oil set to rise for third week on escalating Israel-Iran conflict

SINGAPORE, June 20 (Reuters) - Oil prices were on track to rise for the third straight week despite slipping on Friday, with investors on edge as the week-old war between Israel and Iran showed no signs of either side backing down. Brent crude futures fell $1.57 cents, or 2%, to $77.28 a barrel by 0030 GMT. On a weekly basis, it was up 3.9%. The U.S. West Texas Intermediate crude for July - which did not settle on Thursday as it was a U.S. holiday and expires on Friday - was up 86 cents, or 1.1%, to $76. The more liquid WTI for August rose 0.7%, or 50 cents to $74. Prices jumped almost 3% on Thursday as Israel bombed nuclear targets in Iran, and Iran fired missiles and drones at Israel after hitting an Israeli hospital overnight. "Oil prices remain high due to doubled tanker rates and ships avoiding the Strait of Hormuz," said Phil Flynn, analyst at The Price Futures Group. "The risk to supply is keeping them on edge while there have been no major disruptions of Iranian exports," Flynn said. Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries, extracting about 3.3 million barrels per day of crude oil. About 18 million to 21 million bpd of oil and oil products move through the Strait of Hormuz along Iran's southern coast, and there is widespread concern the fighting could disrupt trade flows in a blow to supplies. There was no sign of an exit strategy from either side, as Israeli Prime Minister Benjamin Netanyahu said Tehran's "tyrants" would pay the "full price" and Iran warned against a "third party" joining the attacks. The White House said on Thursday that President Donald Trump will decide whether the U.S. will get involved in the Israel-Iran conflict in the next two weeks. "The "two-week deadline" is a tactic Trump has used in other key decisions. Often these deadlines expire without concrete action,.. which would see the crude oil price remain elevated and potentially build on recent gains," said Tony Sycamore, analyst at IG.

Fashion United

14 hours ago

• Fashion United

Halara plots UK expansion and pop-up experience

Halara has its eyes on the UK. The Singapore-headquartered athleisure brand has revealed plans to expand to the region through a pop-up experience set to be hosted later this year. The physical retail space, which will open alongside the launch of an app and online platform, will incorporate the brand's 'digital-first, community-driven model', a press release said. Halara's intention is to 'deliver a more responsive, inclusive athleisure experience for UK consumers'. Founded in 2020 by Hong Kong-based entrepreneur Joyce Zhang, Halara has built up a global audience largely thanks to its presence on the social media platform, TikTok. Here, its content revolves around relatable videos and creator partnerships, the latter an integral part of the brand's existence, as influencers represent a large part of the brand's wider marketing framework. On the back of what it said has been a 'rapid rise', the brand is now looking to venture into new realms. Its plans to enter the UK market follows a similar announcement from earlier in the year when it revealed Australia as one of the regions it was targeting. In the US, meanwhile, where it already boasts a strong foothold, the brand has already explored the physical retail space via pop-ups, the first being in New York City in 2024 and, more recently, two in California.