SEC clears P787M IPO of Villar’s memorial park arm

THE SECURITIES and Exchange Commission has cleared a P787-million initial public offering planned by Golden Haven Memorial Park, which is owned by the family of former Senator Manuel Villar Jr.

Based on a regulatory filing, Golden Haven was given authority to sell up to 74.117 million new common shares at maximum price of P10.62 per share.

Proceeds with be used to develop the company’s landbank in Cebu, Iloilo, Cagayan de Oro, Zamboanga, Bulacan and San Exekiel as well as for the acquisition of new land in Iloilo, Bambang (Nueva Vizcaya) and San Fernando, Pampanga. It also plans to construct new memorial chapels and crematory facilities within the Golden Haven Las Pinas Park

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.

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.