SHAREHOLDERS of Villar-led Golden Haven Memorial Park Inc. (GHMP) has approved the company’s proposal to change its name to Golden Haven Inc. as it ventures in other related businesses.
During the company’s special stockholders’ meeting on Monday, shareholders also approved the company’s proposal to accept private placement of up to 150 million in common shares.
“A majority of the minority stockholders present also approved the waiver of the requirement to conduct a rights or public offering of shares in the event that any or all of the shares approved for issuance will be issued to related parties of the corporation,” GHMP said.
At its last trading price of P20.30 per share, the company may raise up to P3 billion in fresh funds.
When the company went public last year, Manuel B. Villar, the company’s chairman, said he wants to raise more funds through equity to increase liquidity and bankroll its expansion in the country.
For the first half of the year, the company’s net income grew 24 percent to P104 million for the period ending June, from last year’s P84 million.
Revenues rose by 13 percent to P473.31 million, from P418.85 million last year, mainly fueled by the higher memorial-lot and columbarium sales, which improved by 12 percent to P441 million.
It said the company had significant increases in property, equipment and investment assets to be used for new-development, as well as its memorial chapel business.
GHMP said it had an 82-percent increase in investment properties to P486 million as of end-June and a 73-percent increase in its property and equipment assets for new developments to P245 million.
