LISTED memorial parks developer Golden Haven Memorial Park, Inc. (HVN) announced on Monday its Board of Directors had approved a move to change its corporate name and core business function during a special meeting held on the same day.
HVN said it was changing its corporate name to Golden Haven, Inc. It is also changing certain functions, such as providing funeral plans and services, among others, to investing in real or personal property.
The company plans “to invest in, purchase, or otherwise acquire and own, hold, use, sell, assign, transfer, lease, mortgage, exchange, develop or otherwise dispose of real or personal property of every kind and description, including shares of stock, bonds, debentures, notes, evidences of indebtedness, and other securities or obligations of any corporation or corporations, associations, domestic or foreign,” the company said in a filing to the Philippine Stock Exchange.
“And to possess and exercise in respect thereof all the rights, powers and privileges of ownership, including all voting powers of any stock so owned and to assume or undertake or guarantee or secure loans, whether as solitary obligor, surety, guarantor or in any other capacity either on its general credit or on the mortgage, pledge, deed of trust, assignment and/or other security arrangement of any of its direct and indirect subsidiaries or investee companies, without engaging in the business of a financing company or lending investor,” it added.
The company said that at the same meeting, its board also approved the issuance, by way of private placement, of up to 150 million shares of the company.
“The final terms and conditions of any issuance shall be determined and approved by the Board of Directors,” HVN said.
Golden Haven is one of the largest memorial park developers in the country and operates eight memorial parks in eight locations nationwide—namely Las Piñas, Bulacan, Cebu, Cagayan de Oro, Iloilo, Nueva Vizcaya, Pampanga and Zamboanga.
It is the first death care and services company to have listed on the PSE, debuting on the local stock market in June 2016.
Shares of HVN closed at P17.52 apiece on Monday, down slightly from its previous close of P17.78.