Memorial park firm venturing into mass housing
MANILA, Philippines – Golden Haven Incorporated, the death care development and services firm owned by the Villar group, is foraying into mass housing development with the acquisition of Bria Homes Incorporated for P3.014 billion.
Golden Haven on Thursday, December 28 told the Philippine Stock Exchange that its board approved the acquisitin of Bria Homes, a company owned by Cambridge Group Incorporated, which is owned by Villar-owned Fine Properties Incorporated.
The listed death care firm said this move will enable it to diversify into other areas of the real estate industry.
Golden Haven added the acquisition will also "enhance profitability" through the creation of additional revenue streams.
Under the plan, Golden Haven will acquire Bria Homes for P301.42 per share. (READ: Villar-owned Golden Haven to raise P787M from IPO)
Golden Haven also informed the local bourse that its board has approved the issuance of 150 million common shares to Cambridge Group. This will be made through private placement at the subscription price of P20.0935 per share for a total of P3.014 billion.
Funds from the private placement will be used for the Bria Homes acquisition.
Bria Homes, an emerging player in mass housing market, offers homes from P470,000 to P1.5 million across the Philippines.
Established in 2011, the company has 28 developments in Mariveles (Bataan), San Fernando, Magalang (Pampanga), San Jose Del Monte, Malolos, Sta Maria, Norzagaray (Bulacan), General Trias, Trece Martires (Cavite), San Pablo, Calamba, Sta Cruz (Laguna), Teresa, Binangonan, Baras (Rizal), Pili (Camsur), Mactan (Cebu), and Calbayog (Samar).
The mass housing firm is also present in Dumaguete (Negros Oriental), Cagayan De Oro, Balingasag (Misamis Oriental), Manolo Fortich (Bukidnon), Panabo, Tagum (Davao Del Norte), Digos (Davao Del Sur), General Santos (South Cotabato), and Kidapawan (North Cotabato).
Back in September, Golden Haven said it will change its main line of business to real estate development from funeral and memorial parks development.
The listed firm then changed its name to Golden Haven from Golden Haven Memorial Parks Incorported when it was listed with the Philippine Stock Exchange in 2016.
Golden Haven operates 6 memorial parks as well as 4 columbaria in cities of Las Pinas and Cagayan de Oro, and provinces of Bulacan, Cebu, Zamboanga and Iloilo. – Rappler.com