BUSINESS: STOCK-REAL ESTATE | MANILA, Philippines: Villar Land shares plunge 76% days after suspension lifted
A cycling event at Villar City in Las Piñas in December 2024./ Villar City
MANILA, Philippines — The share price of Villar Land Holdings (ticker: HVN), chaired by tycoon Manny Villar, continued its steep decline on Tuesday, November 18, after regulators lifted the trading suspension on the company.
The Philippine Stock Exchange (PSE) suspended trading of Villar Land and several other Villar-owned firms in May.
|
|
In disclosures on the PSE website, Villar Land said it did not know why its shares had fallen sharply following the resumption of trading.
On November 14, the stock fell from P1,608 to P1,126 per share. By November 17, shares dropped further from P1,126 to P790.
The company acknowledged another 29.97% decline on Tuesday, with shares sliding from P789 to P552.20.
Bloomberg calculated the continued drop as a 76% decline in value since trading resumed last week, amounting to a $16-billion paper loss for Villar.
Regulatory scrutiny over land valuation
Villar family businesses have faced heightened scrutiny from state regulators in recent months.
In March, Villar Land declared nearly P1 trillion in profits for 2024, driven largely by a P1.3-trillion land tied to “Villar City,” a collection of properties in Metro Manila and Cavite.ADVERTISEME
The Securities and Exchange Commission later determined the actual value of the properties to be P52.74 billion. The SEC said the earlier appraisal did not meet international standards, prompting the regulator to revoke the license of the original valuer.
|
|
.
Following the stock collapse, Villar’s net worth dropped to P7.89 billion in the Bloomberg Billionaires Index — a 65% decline from the same period last year. Shipping tycoon Enrique Razon now surpasses Villar as the richest man in the Philippines
.
READ MORE / LINK:
REAL ESTATE-APPRAISAL | MANILA, Philippines: SEC penalizes Villar Land appraiser – Aseanews
.
Ads by:.
.
