Villar’s Golden Haven Memorial Park plans P790M IPO
BUSINESSMAN Manuel Villar has sought regulatory approval for the stock market debut of his group’s memorial park business under Golden Haven Memorial Park Inc.
Based on a regulatory filing at the Securities and Exchange Commission, Golden Haven plans to raise as much as P786.84 million from an initial public offering (IPO) of 74.117 million new common shares at maximum price of P10.62 per share.
Golden Haven is proposed to be listed on the main board of the Philippine Stock Exchange.
Asian Alliance Investment Corp. has been mandated by the Villar group as issue manager and lead underwriter for this initial public offering.
Based on its registration statement, Golden Haven intends to use the need proceeds to fund its acquisition, growth and expansion strategies, expand existing death care facilities, working capital as well as products and services. It plans to undertake land and site development of underdeveloped areas in existing memorial parks, pursue more land acquisition as well as construct new memorial chapels and crematory facilities within the Golden Haven Las Pinas Park.
Golden Haven was established in 1984, initially operating on a two-hectare lot in Las Pinas. It opened another memorial park in Cebu in 2003 and set up in Cagayan De Oro in 2008, and Zamboanga in 2009, Santuario de San Ezekiel Moreno in Las Piñas in 2011 and Iloilo in 2013.
Based on its website, it plans to open another memorial park in Bulacan.
Golden Haven describes its parks as “lush with verdant greens and manicured lawns on rolling terrains” as well as “dotted with acacia trees that bask in the warmth of the sun” as they aim to provide “quiet solitude” to grieving families.