Golden Haven Memorial Park Inc. said Monday its board approved the issuance, by way of private placement, of up to 150 million shares as a part of its capital raising program.
Golden Haven said in a disclosure to the stock exchange the move was a “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,” Golden Haven said.
Golden Haven fell 1.5 percent Monday to close at P17.52 per share.
The company said its board, in a special meeting Monday, also approved the amendments to the articles of incorporation and by-laws of the corporation. The board approved the change in the corporate name to Golden Haven Inc.
It also approved the change in the articles of incorporation to include investing in, purchase or acquisition, sell or transfer or disposal of real or personal property of every kind including shares of stock, bonds, evidences of indebtedness, securities or obligations, among others.
Golden Haven is one the Philippines’ fastest growing memorial park developers.
The company launched its first memorial chapel and crematorium complex in Las Piñas City early this year as a part of its goal to become the first complete, full-service death care company in the country.
“The opening of the Golden Haven Chapels and Crematorium brings us another step closer to expanding our offerings across the five segments of the death care industry,” said Golden Haven chief operating officer Maribeth Tolentino.
“Not only does this open a new chapter in the Golden Haven story, this chapel and crematorium opening also creates a new opportunity for us to increase our recurring income prospects,” she said.
The company earlier indicated plans to go into five segments of the death care industry, including memorial parks, memorial chapels and services, columbaria, death care merchandising (caskets, urns, and keepsakes) and pre-need planning.
The company was the first to be listed in the Philippine Stock Exchange in 2016 and the first from the death care industry to conduct an IPO.
