By Iris Gonzales (The Philippine Star) | Updated April 5, 2016 - 12:00am
MANILA, Philippines - Golden Haven Memorial Parks of the Villar Group is looking to raise up to P787 million via an initial public offering (IPO).
In a registration statement filed with the Securities and Exchange Commission (SEC), Golden Haven said it would offer 74.1 million common shares at P10.62 each. The offer shares represent 15 percent of the company’s outstanding capital.
Asian Alliance Investment Corp. was named issue manager and lead underwriter for the offering.
Proceeds would be used to fund acquisitions and growth and expansion strategies for its existing death care facilities, products and services through land and site development of the underdeveloped areas of its existing memorial parks.
The company also plans to acquire more land and build new memorial chapels and crematory facilities within the Golden Haven Las Pinas Park.
No timetable was given for the listing but the company hopes to secure regulatory approval soon.
In 1984, Golden Haven opened a two-hectare memorial park in Las Pinas and later expanded in Cebu, Cagayan De Oro, Zamboanga, Iloilo and Bulacan.
This year, the company plans to open branches in Pampanga and Nueva Vizcaya.
The Villar family also plans to enter the crematorium and columbarium business.
Villar said the 30-year old Golden Haven has very a solid management and is ready for expansion.
“This is a perfect fit for the platform that we have built for Camella, and for our commercial interest.”
Golden Haven’s locations all have good views and are very quiet.
The company is going public as it aspires to be the leader in professional death care development and services with the most beautiful and expansive memorial parks, columbaries in the Philippines.