Villar-owned Golden Haven to raise P787M from IPO
MANILA, Philippines – Golden Haven Memorial Park Incorporated, a death care development and services provider owned by the Villar group, plans to raise as much as P787 million ($17.08 million) through an initial public offering (IPO).
Golden Haven told the Securities and Exchange Commission (SEC) that it will offer as much as 74.117 million primary common shares at an offer price of up to P10.62 ($0.230) per share.
The company hired Asian Alliance Investment Corporation as the issue manager and lead underwriter for the offering.
Proceeds will be used to finance Golden Haven's acquisitions and expand its existing death care facilities, products, and services.
Step up expansion
In 2015, the Villar group announced that it would step up the expansion of Golden Haven by putting up branches in at least 100 sites all over the country.
Golden Haven started in 1984 with the development of a two-hectare memorial park in Las Piñas.
Years later, it began to expand, first in Cebu in 2003, followed by Cagayan de Oro, Zamboanga, Santuario de San Ezekiel Moreno in Las Piñas, Iloilo, and Bulacan.
It also plans to open branches in Pampanga and Nueva Vizcaya.
Third for Villar
Golden Haven will be the third company owned by the Villar group to be listed with the Philippine Stock Exchange (PSE).
The Villar family, led by business tycoon and former Senate President Manuel "Manny" Villar, owns integrated property developer Vista Land & Lifescapes Incorporated and Starmalls Incorporated. (READ: Anticipating huge demand, Manny Villar to build more malls)
Other than real estate and death care development, the Villar group also has investments in retail, water utility, mining, education, and healthcare.
Villar, who lost in the 2010 presidential elections, was ranked 1,367th in the recent Forbes' annual list of the world's billionaires with a total net worth of $1.3 billion.
Golden Haven is the second company to file an IPO application with the SEC this year.
In March, CEMEX Holdings Philippines Incorporated, the local cement unit of Mexico's CEMEX SAB De CV, filed a registration statement seeking to raise P39.74 billion ($862.73 million).
CEMEX Holdings plans to sell 2.337 billion common shares at an offer price of up to P17 ($0.369) per share.
The PSE earlier targeted 10 IPO listings for 2016. – Rappler.com
$1 = P46.06