Villar’s cemetery business to raise P787M from IPO
BUSINESSMAN Manuel Villar Jr. is bringing his group’s memorial park business under Golden Haven Memorial Park Inc. to a stock market debut.
Based on a regulatory filing at the Securities and Exchange Commission, Golden Haven plans to raise as much as P787 million through the sale of 74.117 million new common shares at a maximum price of P10.62 per share. Golden Haven proposed to be listed on the main board of the Philippine Stock Exchange.
Asian Alliance Investment Corp. was mandated by the Villar group as issue manager and lead underwriter.
Golden Haven intends to use the proceeds to fund its acquisition, growth and expansion strategies, expand existing death care facilities, working capital and other products and services. It is also planning to develop existing memorial parks, pursue more land acquisition and construct new memorial chapels and crematory facilities within the Golden Haven Las Piñas Park.
Golden Haven was established in 1984, initially operating on a two-hectare lot in Las Piñas. It opened another memorial park in Cebu in 2003, in Cagayan De Oro in 2008, 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 described its parks as “lush with verdant greens and manicured lawns on rolling terrains” and “dotted with acacia trees that bask in the warmth of the sun” in order to provide “quiet solitude” to grieving families.
Villar is among 11 billionaires from the Philippines who made it to Forbes Magazine’s roster of wealthiest people on the planet. A real estate magnate and a former senator and presidential aspirant, Villar focused on growing Vista Land & Lifescapes (VLL) after losing to President Aquino in the 2010 presidential elections.
The 65-year-old businessman has an estimated net worth of $1.3 billion.
Recently, the Villar group consolidated its shopping mall arm Starmalls with flagship Vista Land & Lifescapes.
The memorial park business under Golden Haven is among the privately held businesses of the group. The Villar family also has retailing businesses (department store chain AllHome, convenience store chain All Day, fashion store AllShoppe), schools and hospital (VitaCare).
