GOLDEN HAVEN Memorial Park, Inc. is changing its main line of business from that of funeral and memorial services to real estate development.
In a disclosure to the stock exchange on Monday, the Villar-led firm said it secured board approval to amend items in its articles of incorporation, allowing it to change its corporate name to Golden Haven, Inc.
The removal of “memorial park” from the company’s name is in line with the shift in its business interests.
Accordingly, the company will now “invest in, purchase, or otherwise acquire and own, hold, use, sell, assign, transfer, lease, mortgage, exchange, develop or otherwise dispose of real or personal property.”
Golden Haven said the amendments to the articles of incorporation and by-laws will need the approval of shareholders. The company scheduled a special stockholders’ meeting on Oct. 16.
“As part of the Corporation’s financial management and to provide flexibility in capital raising activities, the Board of Directors also approved, in principle, the issuance by way of private placement of up to 150,000,000 shares of the Company,” Golden Haven said.
The final terms and conditions of the offer have yet to be determined.
Incorporated in 1982, Golden Haven currently develops and sells memorial lots in several properties in the Philippines. It ended 2016 with a total of eight memorial parks located in Las Piñas, Cagayan de Oro, Bulacan, Cebu, Iloilo, Zamboanga, Nueva Vizcaya, and Pampanga. The company also develops, constructs, and operates columbarium facilities.
The company is majority-owned by the Villar family’s holding firm, Fine Properties, Inc.
Golden Haven’s first half attributable profit jumped 24% to P104.4 million, on the back of P473 million in revenues, driven by higher memorial lot and columbarium sales.
Shares in Golden Haven shed 26 centavos or 1.46% to P17.52 apiece at the stock exchange on Monday. — Arra B. Francia
