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Tycoon Sia's grocery venture defies virus, debuts on stock exchange

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2020/business/06/15/20190620tony-tan-caktiong-jc1461.jpg"/><figcaption>DoubleDragon and MerryMart CEO Edgar &#x27;Injap&#x27; Sia attends a retailers&#x27; gala in this file photo taken on June 20, 2019. Jonathan Cellona, ABS-CBN News</figcaption></figure></div>MANILA -- Tycoon Edgar &quot;Injap&quot; Sia&#x27;s grocery venture, MerryMart, debuted on the Philippine Stock Exchange on Monday, in what the head of President Rodrigo Duterte&#x27;s economic team described as a vote of confidence on the country&#x27;s ability to recover from the pandemic.MerryMart shares soared 50 percent to P1.50, bucking the decline on the main index, which closed nearly 5 percent lower to 6,163.82.Sia, who is CEO of both MerryMart and property firm DoubleDragon, earlier said he planned to open 1,200 branches of his grocery venture. He is also co-founder of roast chicken fastfood chain Mang Inasal.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/30/19/doubledragons-sia-ventures-into-grocery-business-with-merrymart">DoubleDragon&#x27;s Sia ventures into grocery business with MerryMart</a></li>	<li><a href="https://news.abs-cbn.com/business/03/11/20/tycoon-injap-sias-grocery-venture-secures-sec-approval-for-p16-billion-ipo">Tycoon Injap Sia&#x27;s grocery venture secures SEC approval for P1.6 billion IPO</a></li></ul>The MerryMart IPO than run from May 27 to June 5 was the first for the stock market this year. Demand for the stock exceeded the offer.&quot;This initial public offering signals trust in our good economic prospects. It shares in the optimism that, notwithstanding the global downturn engulfing us today, the Philippine economy has the fundamentals to rise quickly from the devastation wrought by the pandemic,&quot; Finance Sec. Carlos Dominguez said during the listing ceremony. &quot;It is also a sterling example of how the government and the private sector can work together to inspire public confidence in our ability to quickly recover from the crisis,&quot; he said.

Tycoon Edgar "Injap" Sia's grocery venture, MerryMart, debuted on the Philippine Stock Exchange on Monday, in what the head of President Rodrigo Duterte's economic team described as a vote of confidence on the country's ability to recover from the pandemic.

Tycoon Edgar "Injap" Sia's grocery venture, MerryMart, debuted on the Philippine Stock Exchange on Monday, in what the head of President Rodrigo Duterte's economic team described as a vote of confidence on the country's ability to recover from the pandemic.