Villar to raise more funds for memorial park venture

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BUSINESS tycoon and former Sen. Manuel Villar Jr. is eyeing more capital raising activities for Golden Haven Memorial Park Inc. once the venture becomes publicly listed this year.

“It is just a small IPO [initial public offering]. It is all that we can do now. But the really major fund raising will be two to three years after this IPO. That’s when we will be getting the big names for underwriters,” Villar said in an interv ew.

Golden Haven is raising P786.84 million from its IPO by selling 74.12 million common shares at up to P10.62 apiece, according to a prospectus filed with the Securities and Exchange Commission (SEC).

“The offer shares represent 15 percent of the outstanding common shares of the company, after the offer, and will be issued out of the company’s authorized and unissued capital stock,” the firm said.


Golden Haven will use the proceeds from the IPO to fund its acquisition, growth, and expansion strategies.

“In particular, expanding its existing death-care facilities, products and services through undertaking land and site development of the undeveloped areas of its existing memorial parks,” the company told the SEC.

Golden Haven is also using the money to buy land and build new memorial chapels and crematory facilities in Golden Haven Las Piñas Park, and for general corporate purposes that include working capital.

The Villar group has hired Asian Alliance Investment Corp. as issue manager and lead underwriter for the share sale.

“We want to end the year with 14 memorial parks. We decided to double [our existing seven memorial parks]and we would put up another seven. Our aim is to have the biggest network of small parks,” Villar said.

Along the way, the company will tap into the business of funeral chapels and selling memorial plans, he added.

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