Villar’s death care and services arm to go public
The country’s leading death care development and services firm owned by Bilyonaryo Manuel Villar is set to go public to raise funds to finance its expansion program.
Golden Haven Memorial Park Inc. is seeking to raise as much as P787 million through initial public offering where it will offer 74.117 million primary common shares at on offer price of up to P10.62 per share.
The company hired Asian Alliance Investment Corp. as the issue manager and lead underwriter for the offering.
Proceeds from the acquisition will be used to finance its acquisitions and growth expansion strategies, by expanding its existing death care facilities, products and services.
In 2015, the Villar group announced that it plans to step up the 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 two-hectare memorial park in Las Pinas.
Many years after, it began to expand, opening one in Cebu in 2003, followed later by Cagayan De Oro, Zamboanga, Santuario de San Ezekiel Moreno in Las Piñas, Iloilo and Bulacan. It is also planning to open branches in Pampanga and Nueva Vizcaya.