go through Revin Mikhael D. Ochave, reporter
The Securities and Exchange Commission (SEC) said it is reviewing P100 million to 100 million net income and valuation earnings reported by listed real estate developer Villar Land Holdings Corp., as well as the company’s share price.
SEC Chairman Francisco ED: “We are studying it; we need to pay attention to the details before we come up with the decision.” Lin told reporters at the annual general meeting of the Philippine shareholders’ association in Makati City last Friday.
He added: “There are a lot of details. We can’t make a judgment until we investigate the facts. Is there an insider trading? Is there a manipulation? These are technical and legal issues. I don’t want the SEC to rush to take action. We have to do a fact-finding first.”
The Philippine Stock Exchange (PSE) suspended trade in Veral land stocks on May 16, formerly Golden MV Holdings, Inc. , the property developer was unable to submit its 2024 annual report.
As of May 15, Villar Land’s shares remained unchanged at a price of 2,296 P2,296 per share. As of writing, pause has not been increased yet.
As of August 8, the company had a market capitalization of pesos 1.48 trillion, while public ownership was 11.33%.
On March 31, Villar Land reported net income in 2024 of pes 99.72 billion, up from P1.46 billion in the previous year, which attributes Spike to fair value gains from investment properties, which grew to P1.33,300 million in P1.33,300 million in stock.
Revenue fell 25% to pesos 3.58 billion due to lower residential unit sales, and real estate sales fell 26% to pesos 3.31 billion.
The company is engaged in the development and sale of memorial lots and Columbian facilities as well as residential projects.
Villar Land also attributes fair value gains to its Althorp Land Holdings, Inc. , Chalgrove Properties, Inc. and the acquisition of Los Valores Corp., which jointly owns 3,500 hectares of 366 hectares of Prime land in Villar City Development.
“The properties are recorded in books and interpreted using fair value methods,” the company said.
Villar Land said in another statement that it welcomed the SEC’s fact-finding investigation, adding that its financial statements were being subject to a “rigorous audit process” by external auditors, which involved a comprehensive review of high-value property assessment reports.
“This extensive audit is necessary to ensure the accuracy and completeness of financial statements. Once the audit is found, the audited financial statements will fully comply with regulatory requirements,” Villar Land said.
It added: “The company reaffirms its commitment to transparency and compliance with existing rules and regulations.
Villar Land said it has been revealing material developments and continues to coordinate with regulators about its financial status.
It added: “The company continues to participate and will continue to work with its regulators and comply with all instructions and requests during its fact-finding exercise.”
The SEC approved a change in Villar Land’s company name in April.
