Ownership of real estate billionaire Manuel Villar’s of the same name Villar Land Holdings (formerly Golden MV Holdings) said on Monday that it will collaborate with the investigation of the Securities and Exchange Commission that was announced last week to the alleged inflated value of the assets and shares of the company.
Villar Land said it was in accordance with the existing SEC and Philippine Stock Exchange (PSE) rules. The company is currently undergoing a rigorous audit process by external auditors and this includes an extensive assessment of assessment reports on high -quality properties, “said financial officer Estrellita Tan of Villar Land in a rack. Punongbayan & Araullo, a member company of Grant Thornton International, is the external auditor of the company.
Last week SEC chairman Francis Lim revealed that the Securities Watchdog had started an investigation in the midst of the questions of investors about the blown value of the shares of Villar Land. “We can’t make judgments before we investigate the facts,” said Lim. “Let’s just be honest, be as objective as possible … but we have to dig deeper.”
The gravitating series of Villar Land on the stock market made it of the most valuable company in the country with its market capitalization that shot up to 1.5 trillion pesos ($ 26.3 billion). This exceeded the valuations of the SM investments of the Sy -Broers and sisters and billionaire Ramon Ang’s San Miguel, both legendary companies with different companies. Villar Land, which started in the cemetery company and became known for its memorial parks, has a public faster of 11%, just above the mandatory minimum of 10%.
The upward trajectory of his shares came to a halt in May when the trade was suspended by the PSE about the delay of the company when submitting it controlled annual financial statements for 2024. “The appreciation was very disputable and potentially inflated, says Toby Allan Arce’s securities in Manila-Based T Toxila.
In a non-deliberated financial report that was released in March, Villar Land said that it booked the net profit of almost one trillion Pesos for 2024 (after it had provided for a deferred tax obligation of 334 billion peso), compared to 1.5 billion pesos in the previous year, thanks to the booking of a massive. These were built up, the company said, of the 366-Hectare Land Package that had taken over from the private companies of Manuel Villar last October for a price of 5.2 billion Pesos. Lim, a company lawyer who was president and CEO of the PSE from 2004 to 2010, said that the sec will look at the appreciation used.
“The company has consistently announced material developments and continues to coordinate with regulatory authorities with regard to the status of its financial data,” said Tan van Villar Land.
Villar, a former senator who ran for President in 2010, remains politically influential with two of his children in the Senate. In addition to his interests in Villar Land and other real estate companies, he has interests in energy, media, retail, restaurants and a company for water use. Are Real -time capacity From $ 11 billion makes him one of the richest people in the Philippines.
#Surrying