Villar Group’s Golden Haven plans P786.8M IPO

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GOLDEN Haven Memorial Park Inc., the death care development and services firm of the Manuel Villar group, said it plans to raise as much as P786.84 million from an initial public offering (IPO) of 74.117 million new common shares at a maximum price of P10.62 a share.

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The company has sought the approval of the Securities and Exchange Commission (SEC) for its planned IPO.

Golden Haven proposes to be listed on the main board of the Philippine Stock Exchange.

The Villar group has tapped Asian Alliance Investment Corp. as the issue manager and lead underwriter of the share offer.

Golden Haven said it intends to use the net proceeds from the proposed IPO to fund its acquisition, growth and expansion strategies.

Last year, the Villar group announced its expansion plans for Golden Haven.

These include expanding its existing death care facilities, products and services through undertaking land and site-development of the undeveloped areas of its existing memorial parks, land acquisition, and the construction and completion of new memorial chapels and crematory facilities within the Golden Haven Las Pinas Park, and for general corporate purposes including working capital requirements.

Golden Haven’s operations started at a two-hectare memorial park in Las Pinas in 1984. It began to expand since then, opening a memorial park in Cebu in 2003, followed later by other memorial parks in Cagayan de Oro, Zamboanga, Santuario de San Ezekiel Moreno in Las Piñas, Iloilo and Bulacan.

The company is also planning to open branches in Pampanga and Nueva Vizcaya before the end of the year, Villar said.

“We’re ramping up the expansion of Golden Haven. We have entered the memorial chapel business. We’re also entering the crematorium and columbarium business,” Villar said.

He said Golden Haven is already 30 years old and has very solid management.

“This is a perfect fit for the platform that we have built for Camella, and for our commercial interest,” he said. Camella Homes is a real estate unit under the Villar-led Vista Land and Lifescapes Inc.

Villar said Golden Haven’s locations all have good views and are very quiet. They also have a complete line-up of services from funeral arrangements to cremation services and memorial lots.

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