By James A. Loyola
Golden Haven Memorial Park Inc., one of the country’s largest and fastest growing death care firms, is planning a private placement of its shares with a current market value of P2.9 billion.
In a disclosure to the Philippine Stock Exchange, the firm said its Board of Directors has approved in principle the planned stock issuance and will be seeking the approval of its shareholders in a special stockholders’ meeting.
The planned issuance via private placement will be undertaken by Golden Haven “as part of the Corporation’s financial management and to provide flexibility in capital raising activities.”
The final terms and conditions of any issuance shall be determined and approved by the Board of Directors once authorized by shareholders during their special meeting to be held on October 16, 2017.
Also approved by the Golden Haven Board and to be approved by shareholders are the amendments to the firm’s Articles of Incorporation and By-laws to change the corporate name and primary purpose of the Company.
The company name will be changed to Golden Haven Inc. while its primary purpose has been revised to include the authority to acquire property as well as shares of stock or debt of any corporation.