The land is located in the family’s 3,500-hectare estate in Metro Manila and parts of Cavite province.
“Golden MV’s acquisition of approximately 400 hectares of land in Villar City further strengthens its asset base, positioning the company to play a central role in the development of this transformative project,” the company said.
Villar City, which the group has dubbed the “new center of gravity” for Metro Manila, earlier unveiled plans for major developments such as two golf courses, a church, an events arena, a university, and a large-scale entertainment complex.
Golden MV, which originally listed in 2016 as Golden Haven Memorial Park, did not detail how it would finance the purchase.
Trading suspension
The proposed deal involves the purchase of three Villar firms, Althorp Land Holdings, Inc., Chalgrove Properties, Inc., and Los Valores Corp., for P5.19 billion.
The Philippine Stock Exchange deemed the transaction large enough to trigger a stock suspension of Golden MV Holdings, trading under the symbol HVN.
Its suspension will be lifted after the company issues more details on the land purchase, the exchange said.
Trillion-peso valuation
Golden MV Holdings is the only other listed company after Sy family-led SM Investments Corp. with a trillion-peso valuation on the stock market.
Shares of the company last traded at P1,690 each, valuing the firm at P1.09 trillion.
It ended the first quarter with total assets of P29.85 billion and a net income of P774 million in the first half of 2024. Cash and equivalent assets stood at P911.95 million during this period.
Golden MV Holdings to focus on Villar City
The group also unveiled its “complementary” land development strategy with affiliate Vista Land & Lifescapes Inc.
“The acquired companies will allow Golden MV to concentrate on the development of Villar City, a legacy project of Manuel B. Villar, Jr. With this acquisition, Golden MV reaffirms its commitment to becoming a key player in shaping the future of this expansive and innovative development,” the developer said.
On the other hand, Vista Land will “continue to develop its own landbank, through Vista Estate, across the country.”
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
