Golden Haven, Inc. (HVN) is formalizing its entry into the mass housing sector after issuing P3.01 billion worth of shares out of its unissued authorized capital stock to Cambridge Group, Inc.

In a disclosure to the stock exchange on Wednesday, the Villar-led firm said it has issued 150 million shares at P20.0935 apiece to CGI by way of private placement. Golden Haven initially secured shareholder approval to increase its issued and outstanding shares last October 2017 to make the transaction possible. — Arra B. Francia