COCKTALES | Manny Villar finds a money machine in the business of death
InterAksyon.com means BUSINESS
The business of death is proving to be a steady if unglamorous money machine for former Senate President Manuel Villar Jr.
After declaring P800 million in cash dividends to Villar before last year's initial public offering of his Golden Haven Memorial Park, the country's lone listed chain of private cemeteries and crematorium services saw its revenues for the first nine months of 2016 rise by 20 percent to over P570 million.
Net income for the same period jumped by 27 percent to over P135 million. About 83 percent of that amount, proportionate to their shareholdings, should accrue to Villar and his family.
The market punters who braved the muted initial public offering in June have not only been shielded from the Trump-and-Duterte-induced market volatilities, but were even rewarded with a nearly 60 percent price surge since.
Golden Haven closed yesterday at P16.70 against its IPO price of P10.50 a share.
In contrast, two other companies that were also listed last year were taking in water: Cemex closed P9.76 yesterday, against the IPO price of P10.75; Shakeys, at P12.20, against the offer price of P15.58.
The retail stock SSI was in even deeper post-IPO depth, despite the glamor of the Rustan's Group behind the company.
SSI closed yesterday at P2.46 from the initial offer price of P7.50 just over a year ago. That represents a two-thirds loss, ouch!
o The family of book publisher Candida Gomes are locked in litigation with Kite Association of the Philippines founder Orlando Ongkingco over the ownership of the Treffpunkt name, the landmark Austrian deli along Edsa near Camp Aguinaldo.
o Retired Land Bank president Gilda Pico has joined the board of the Philippine Bank of Communications as an independent director.
Heard through the grapevine
The Floirendos may be one of the biggest and staunchest supporters of President Duterte, but the landed gentry from Davao are suing City Hall for the annual P0.25 centavo per hectare "environmental tax" on banana and pineapple plantations imposed by the City Council under then then Mayor Digong.