Memorial park developer Golden Haven Inc. is recently diversifying its real estate business, having acquired a majority stake in property developer Bria Homes from Cambridge Group Incorporated.
Bria Homes develops affordable house and lot packages, as well as condominium units that cater to ordinary Filipino families. It has a total of 27 developments across some of the country’s most progressive towns and cities.
“The acquisition will accelerate growth and profitability through the creation of additional revenue streams independent of its current business,” said a representative of Golden Haven.
It will allow the company to venture into the Philippines’ mass housing market, in addition to maximizing the value of its land bank by providing other avenues for its utilization and increase shareholder value.
In a disclosure to the Philippine Stock Exchange, Golden Haven said the board has approved the acquisition of all issued and outstanding capital stock of Bria Homes, an emerging player in the mass housing market in the Philippines.
Under the deal, Golden Haven will be issuing 150 million common shares to Cambridge Group. This transaction will be done through a private placement at the subscription price of P20.0935 per share for a total of P3.014 billion (about US$62.2 million).
Besides, Golden Haven also plans to submit the listing application with the PSE by 10th of January, 2018 and complete the listing of the common shares by 30th March, 2018.
At present, Golden Haven has eight memorial parks located in the cities of Las Piñas and Cagayan de Oro as well as in the provinces of Bulacan, Cebu, Nueva Vizcaya, Pampanga, and Zamboanga.
This news is published on Reuters.