LISTED Golden MV Holdings, Inc. has acquired 396.88 hectares of land in Villar City, a large-scale urban development project in southern Metro Manila and Cavite, for P5.2 billion.
The company’s board approved the acquisition of all the issued and outstanding capital stock of three companies from other companies owned and controlled by Manuel B. Villar, Jr., Golden MV said in a regulatory filing on Tuesday.
The acquired companies — Althorp Land Holdings, Inc., Chalgrove Properties, Inc., and Los Valores Corp., previously owned by Fine Properties, Inc. and Hollinger Holdings Corp. — own the 396.88 hectares of recently acquired land.
Broken down, Golden MV bought Chalgrove Properties, Inc. for P5.12 billion, Althorp Land Holdings for P49.95 million, and Los Valores for P24 million.
“The acquired companies will allow Golden MV to concentrate on the development of Villar City, a legacy project of Mr. Villar. With this acquisition, Golden MV reaffirms its commitment to becoming a key player in shaping the future of this expansive and innovative development,” Golden MV said in a separate statement.
Villar City is a 3,500-hectare development that aims to become the “new center of gravity” for Metro Manila. It spans across 15 cities and municipalities in Metro Manila and Cavite.
Recent project announcements in Villar City include the construction of two golf courses, a church, an events arena, a university, and an integrated entertainment complex.
In a separate notice, the Philippine Stock Exchange (PSE) imposed a trading suspension on Golden MV shares following the acquisition.
“After a review of the disclosure submitted by the company, the exchange deems that the acquisition of Chalgrove Properties is covered by the rule on disclosure for substantial acquisitions and reverse takeovers under Section 5, Article VII of the Consolidated Listing and Disclosure Rules of the exchange,” the PSE said.
Golden MV is engaged in the development and sale of memorial lots and columbarium facilities. It is also engaged in the residential development business through Bria Homes, Inc.
Golden MV shares were priced at P1,690 per share as of Sept. 30. — Revin Mikhael D. Ochave
