The Villar Group said it welcomes a Securities and Exchange Commission (SEC) investigation into its unit, Golden Haven Memorial Park Inc., following questions on its stock valuation and a significant share price jump.
The group, in a statement, pledged full cooperation with regulators.
SEC chairman Francisco Lim told reporters on the sidelines of a recent forum that the agency had launched a fact-finding investigation into Golden Haven’s stock.
“We’re examining it. We’re paying attention to the details before we come up with a decision one way or the other,” Lim said.
“Villar Land welcomes the fact-finding investigation of the Securities and Exchange Commission over allegations raised against the company,” the group said.
Vista Land, another Villar company, “reiterates its commitment to transparency and compliance with existing rules and regulations being enforced by both the SEC and the Philippine Stock Exchange,” it said.
The group said it has consistently disclosed material developments and is undergoing a rigorous audit by external auditors, which includes a comprehensive review of appraisal reports for high-value properties.
“This extensive audit is necessary to ensure the accuracy and integrity of the financial statements,” the company said.
“Once the audit is concluded, the audited financial statements will be publicly released in full compliance with regulatory requirements,” it said.
Villar Land said it remains in contact with regulators and would continue to provide any required information for the SEC’s fact-finding exercise.
The SEC said it is reviewing whether transactions involved insider trading, market manipulation or unfair treatment of investors. This follows a rise in Golden Haven’s stock price and a property transfer transaction.
“Was there insider trading? Was there manipulation? These are technical issues,” Lim said.
“We cannot make judgments before investigating the facts,” he said.
Golden Haven, which started as a developer and seller of memorial lots, saw its net income surge to nearly P1 trillion in 2024, largely due to valuation gains.
In September 2024, the company acquired Althorp Land Holdings Inc., Chalgrove Properties Inc. and Los Valores Corp., which collectively own 366 hectares of land within Villar City, a 3,500-hectare development south of Manila.
Shares of Golden Haven were suspended for failing to submit required reports. Before the suspension on May 15, 2025, its shares closed at P2,296, giving the company a market capitalization of P1.478 trillion and making it more valuable than some of the country’s largest companies.
