The Securities and Exchange Commission (SEC) has allowed the Villar Group’s listed socialized housing and deathcare business, Golden Bria Holdings Inc., to change its name to Golden MV Holdings Inc.
“The company will gain further flexibility in undertaking business expansion,” it said as its reason for the name change.
Included in its amended secondary purpose were to “conduct researches, investigations and examinations of business and enterprise of every kind and description throughout the world with the aim of securing information and particulars for the investment and employment of capital.”
The company is also set “to undertake and transact all kinds of business relating to the gathering and distribution of financial and investment information and statistics throughout the world.”
The firm needs two-thirds approval vote of its shareholders for it to effect the new name.
This is not the first time that the company changed its name since its initial public offering in mid-2016, when it was still known as Golden Haven Memorial Park Inc.
In October 2017, it changed its name to Golden Haven Inc. after it included memorial service and cremation as part of its new revenue streams.
Later that year, it acquired Bria Homes Inc., the low-cost housing firm of the Villar Group. In February 2018, it changed its name to Golden Bria.
Total net profits of the company fell 40 percent during the nine months of 2020 to P1.01 billion from P1.67 billion in 2019.
Revenues fell by a third during the period to P4.01 billion from the previous year’s P5.88 billion as retail estate sales from its residential and memorial lots plunged due to the impact of the community quarantines on construction activities. It recorded revenues of P804.59 million from its deathcare business and P3.21 billion from the sale of residential lots.
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