VILLAR-OWNED Golden MV Holdings Inc. said Tuesday its board of directors had approved the acquisition of three companies for around P5.2 billion as part of billionaire businessman Manuel Villar Jr.’s bid to expand his ambitious multi-city development, Villar City.
In a stock exchange filing, Golden MV said the purchase involved all the issued and capital stock of Althorp Land Holdings Inc., Chalgrove Properties Inc. and Los Valores Corp. from Fine Properties Inc. and Hollinger Holdings Corp.
“The companies to be acquired own an aggregate of 396.88 hectares of prime land in the Villar City development,” the company said.
Chalgrove was purchased for P5.12 billion, while Althorp and Los Valores were acquired for P49.95 million and P24 million, respectively.
“The acquired companies will allow Golden MV to concentrate on the development of Villar City. With this acquisition, Golden MV reaffirms its commitment to becoming a key player in shaping the future of this expansive and innovative development,” it said.
Villar City is a 3,500-hectare development and legacy project of Villar that is being touted as Metro Manila’s “new center of gravity.”
The latest acquisitions position Golden MV as a crucial player in the development of Villar City, which will feature two golf courses, a church, an events arena, a university and an integrated entertainment complex.
The Villar Group and All-Star Properties Inc. also announced over the weekend that they were partnering to build Villar City Stadium, a 30,000-square-meter sports hub that will feature modern courts and fields for football, basketball, volleyball, padel, pickleball and badminton.
Villar’s listed property development firm, Vista Land & Lifescapes Inc. (VLL), will continue to develop its own land bank across the country. Together with Golden MV, the two will operate complementary development strategies to contribute to the Villar Group’s development vision.
Golden MV shares last traded at P1,690 each on Monday, while VLL’s stock price was unchanged at P1.60 on Tuesday.
Be the first to comment