ByIan Sayson,
Forbes Staff.
Villar Land (formerly Golden MV Holdings) has agreed to cut the valuation of its property in southern Metro Manila by 99%, sending the developer’s stock price to a record decline and erasing over $5 billion from the net worth of its controlling shareholder, billionaire Manuel Villar.
The Philippine-listed company has accepted the opinion of external auditor Punongbayan & Araullo, an affiliate of Grant Thornton, to scrap the 1.3-trillion-peso ($22 billion) valuation the company used for 366 hectares of prime land it acquired last year from the tycoon’s three privately held companies.
The revision comes after months of extensive discussions between Villar Land and Punongbayan & Araullo. With the property revalued at 8.7 billion pesos, the company’s audited net profit for full year 2024 has been restated to 1.4 billion pesos, down from the 999-billion-peso net profit it declared in an unaudited report in March.
