The Securities and Exchange Commission has cleared a P787-million initial public offering planned by Golden Haven Memorial Park, the Villar family’s cemetery business arm.
Based on a document from the SEC, Golden Haven was allowed to sell up to 74.117 million new common shares at a maximum price of P10.62 per share.
Proceeds will be used to develop the company’s land in Cebu, Iloilo, Cagayan de Oro, Zamboanga, Bulacan and San Exekiel, as well as to acquire land in Iloilo, Bambang (Nueva Vizcaya) and San Fernando, Pampanga.
Golden Haven plans to undertake land and site development of underdeveloped areas in existing memorial parks, pursue more land acquisition and construct new memorial chapels and crematory facilities in Golden Haven Las Pinas Park
The capital-raising exercise will bring to public hands about 15 percent of Golden Haven’s outstanding stocks.
Golden Haven is eyed for listing 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 for the initial public offering.
Golden Haven was established in 1984, initially operating on a two-hectare lot in Las Pinas. It opened a memorial park in Cebu in 2003, set up business in Cagayan De Oro in 2008 and Zamboanga in 2009. Santuario de San Ezekiel Moreno in Las Piñas was opened in 2011 and the operation in Iloilo was put up in 2013.
The firm is majority owned by Fine Properties, a holding and investment company owned by the family of former Senator Manuel B. Villar. Fine Properties is also the majority shareholder of homebuilder Vista Land & Lifescapes. Doris Dumlao-Abadilla