Golden Haven Memorial Park, Inc., the 30-year-old funeral care development and services firm owned by business tycoon Manuel B. Villar, had formalized its plan to go public in order to bankroll its growth strategy, finally seeking regulatory for its P786.84-million initial public offering (IPO).
It was late last year when Villar first announced that he intends to list Golden Haven in the Philippine Stock Exchange (PSE).
This, according to an earlier Business Bulletin report, should support the company’s aim to become the leader in professional death care development and services having “the most beautiful and expansive memorial parks and columbaries in the Philippines”.
Yesterday, Golden Haven formally sought the approval of the Securities and Exchange Commission (SEC) to proceed with its planned IPO.
A prospectus filed within the SEC showed that the company intends to sell 74.12 million common shares to the public at an offer price of P10.62 apiece. The maiden share sale would raise as much P786.84 million.
“The company intends to use the net proceeds from the transaction to fund its acquisition, growth, and expansion strategies,” Golden Haven told the SEC.
Golden Haven is particularly planning to expand its death care facilities, products, and services through undertaking of land and site development in its existing memorial parks.
The company also wants to acquire more properties as well as complete the construction of new memorial chapels and crematory facilities within the Golden Haven Las Piñas Park.
Portion of the proceeds will also go to the firm’s general corporate purposes, including working capital requirement.
To be listed and traded on the main board of the PSE this year, the share sale does not have any definite timetable yet.