Golden Haven buys sister mass housing firm

Golden Haven Inc. is buying out a mass housing developer from a subsidiary of another Villar-led real estate firm in a bid to diversify its property businesses.

In a disclosure to the Philippine Stock Exchange on Thursday, Golden Haven — a company engaged in development and sale of memorial lots — said it has executed a deed of absolute sale of shares for the Bria Homes Inc. from Cambridge Group Inc., a subsidiary of Vista Land and Lifescapes Inc.

"The company believes the Bria acquisition will diversify its real estate business by entering into the mass housing market, accelerate growth and profitability throught the creation of additional revenue streaks independent of its current business, allow the company to maximize the value of its land bank by providing other avenues for its utilization, and build shareholder value," Golden Haven said.

The company acquired all issued and outstanding capital stock of Bria Homes comprising of 9,99,430 shares for P3.014 billion at a purchase price of P301.42 apiece.

The purchase price was determined based on the adjusted book value of Bria Homes on the reviewed financial statements as of end November.

Golden Haven also announced the issuance of 150,000,000 common shares to Cambridge Group, out of the unissued authorized capital stock of the company, by way of private placement. The shares was priced at P20.0935 per share at an aggregate amount of P3.014 billion.

The company plans to submit the listing application with the PSE on or before January 10, 2018 and complete the listing of the common shares by March 30, 2018.

The proceeds of the issuance will be used to fund the acquisition by Golden Haven of Bria Homes. —Ted Cordero/KBK, GMA News