Golden Haven’s IPO approved

The Philippine Stock Exchange on Thursday approved the P787-million initial public offering of Golden Haven Memorial Park.

Golden Haven, a company controlled by the Villar family, became the first company to secure PSE approval for maiden share sale and listing this year.

A circular posted on PSE website showed Golden Haven would offer 74.117 million primary common shares at an offer price of up to P10.62 apiece.  The final offer price will be set June 9.

Offer period will be from June 16 to June 22, while listing date was tentatively set June 29.

Golden Haven is expected to have a market capitalization of P5.2 billion, after the IPO.

The shares will be listed under the main board of PSE.

Asian Alliance Investment Corp. is the issue manager and lead underwriter for the offering.

Proceeds from the acquisition will be used to finance acquisitions and growth expansion strategies.  The company plans to expand existing death care facilities, products and services.

The Villar group announced last year it planned to accelerate expansion of Golden Haven with the aim of putting up a branch 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 City.

It opened another memorial park in Cebu in 2003, which was followed by branches in 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.

Golden Haven will become the third company owned by the Villar group to be listed with the PSE.

The Villar group, led by former Senate president Manuel Villar, owns integrated property developer Vista Land & Lifescapes Inc. and Starmalls Inc.

Aside from real estate and death care development, the Villar group also has investments in retail, water utility, mining, education and healthcare.

Other companies that expressed interest to conduct an IPO this year are Cemex Holdings Philippines Inc., the local unit cement unit of Mexico’s Cemex Sab De CV and Philippine Primark Properties Inc.

Source: The Standard