Listed real estate developer Golden MV Holdings, Inc. has secured approval from the Securities and Exchange Commission (SEC) to vary its corporate name to Villar Land Holdings Corp.
The SEC approved the company name change on Monday, April 15, as stated in a regulatory filing by Golden MV on Wednesday.
Once finalized, Villar Land will adopt the stock symbol “VLC” on the Philippine Stock Exchange.
Golden MV said that the name change goals to reflect its expanding business interests. The corporate is involved in the event and sale of memorial lots and columbarium facilities, in addition to residential projects.
“[This is] to align with recent developments in the corporate, specifically the acquisition of firms owning land in Villar City,” Golden MV said.
“The corporate will gain further flexibility in undertaking business expansion,” it added.
In September of the previous 12 months, Golden MV acquired Althorp Land Holdings, Inc., Chalgrove Properties, Inc., and Los Valores Corp., which collectively own 366 hectares of prime land inside the 3,500-hectare Villar City development.
The corporate previously said that these acquisitions would enable it to give attention to developing Villar City, a legacy project of businessman Manuel B. Villar, Jr.
For 2024, Golden MV reported a net income surge to P999.72 billion from P1.46 billion the previous 12 months, primarily attributable to fair value gains on its properties.
Fair value gains on investment properties increased to P1.33 trillion from P59 million in 2023.
Revenue declined by 25% to P3.58 billion, with real estate sales decreasing by 26% to P3.31 billion attributable to lower residential unit sales.
Golden MV shares rose by 6.82% or ₱150 to ₱2,350 apiece on Wednesday. — Revin Mikhael D. Ochave
