In 2024 alone, the company’s books showed P1.47 billion in total losses. To clean this up, Everwoods cut its authorized capital in half and used part of that reduction to cancel out the deficit, effectively removing the negative balance from its records.
The Securities and Exchange Commission approved the move and issued the certificate of decrease in authorized capital stock on Oct. 27, 2025.
Balance sheet reset
It is doing this to clean up its balance sheet and remove years of accumulated losses as it moves into new segments such as attractions, eco-tourism, and leisure developments.
“We believe this restructuring is in the best interest of the company and its shareholders, and will position Everwoods Green Resources and Holdings Inc. for long-term growth and sustainability,” the company said in a letter to the SEC.
Everwoods’ (EGRN) stock was suspended last year while the company completes is capital restructuring. It last traded on Oct. 29, 2025 at P0.2 per share, valuing the firm at P1 billion.
Former mall empire
Everwoods is led by businessman Joel T. Go, who is in early 50s, according to recent regulatory filings.
The Gos were considered retail titans in the 1990s, when the Ever Gotesco group’s malls rivaled those of the Sy family’s SM Group, now the country’s largest shopping mall operator.
The group ran into difficulties during the 1997 Asian financial crisis, which hit its banking arm and rippled across its other businesses, including real estate.
Several Ever Gotesco malls eventually shut down or were acquired by rivals such as SM while intensifying competition from the Gokongwei family-backed Robinsons Land and other major developers added pressure.
Ever Gotesco Commonwealth in Quezon City is its remaining operational mall.
The Go family also owns the Metropolitan Medical Center in Manila.
Pivot to tourism
The balance sheet reset comes as the group shifts gears and targets “location-based entertainment facilities and services, encompassing amusement parks, theme parks, family entertainment centers.”
Everwoods currently operates the 17-hectare Forest Crest Nature Hotel and Resort in Nasugbu, Batangas—the main contributor to its nearly P12 million in revenues for 2024.
Net income that year soared to P369.5 million mainly due to a one-time tax provision reversal that resulted in a P333.4 million gain.
Everwoods maintains significant land holdings with nearly 80 hectares of land in Babag and Malubog, Cebu, while a subsidiary also owns another five hectares in the area.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
