Golden MV Holdings Inc., one of the most volatile stocks in the Philippines, extended its steep decline this week, erasing more than 18 billion dollars from the fortune of its founder Manny Villar. The company resumed trading after a six-month suspension and has since fallen as much as 83 percent, marking its worst performance as a publicly listed firm.
The plunge removed Villar from his position as the richest person in the Philippines. His net worth now stands at about 4 billion dollars, according to the Bloomberg Billionaires Index, placing him behind business tycoon Enrique Razon.
Golden MV began falling last Thursday after regulators lifted the trading suspension. In filings submitted on Friday, Monday and Tuesday, the company told regulators it did not know why the stock was dropping. A company representative did not respond to requests for comment.
The six-month halt began after Golden MV failed to file its audited 2024 financial statements due to a dispute with its external auditor. The disagreement centered on the valuation of a 366-hectare land parcel the company acquired from its founder for 93 million dollars. Golden MV later revalued the same land to 23.3 billion dollars, a figure the auditor refused to accept.
The sharp revaluation had earlier driven a rapid surge in Golden MV’s stock price, pushing its price-to-earnings ratio above 1,000. Villar and parties related to him control 89 percent of the company’s shares. Bloomberg data show that before the suspension, shares traded near ₱2,296. After trading resumed, the stock quickly fell to around ₱386.
The impact on the company’s financials was substantial. Golden MV’s unaudited 2024 report showed almost ₱1 trillion in net income, largely due to the unrealized fair-value gain from the revalued land. In its audited annual report, the company reduced the land’s fair value from about ₱1.33 trillion to ₱52.74 billion, with the properties carried at ₱8.76 billion at cost. As a result, Golden MV’s audited 2024 net income fell to ₱1.423 billion.
Before the suspension, Golden MV’s share price of about ₱2,296 valued the company at almost ₱1.5 trillion. On the first day of trading after the halt was lifted, the stock closed at ₱1,608, cutting the company’s market capitalization to about ₱1.04 trillion and erasing roughly ₱450 billion in value. Subsequent declines pushed the share price down to the ₱386 level cited in company disclosures and market data.
Analysts noted that steep moves are common when a stock connected to a high-profile founder returns from a trading halt. One analyst said investors typically reassess a company’s fundamentals once trading resumes. Another said the market appeared to conclude that Golden MV’s pre-suspension valuation was too high.
The disputed land forms part of Villar City, a large mixed-use estate spanning several cities in southern Metro Manila. Public reports have also linked portions of the estate to planned casino and entertainment developments, increasing scrutiny of the original valuation.
Golden MV develops cemeteries, memorial parks and low-cost housing. It is also the master developer of Villar City, which aims to transform several localities in the southern capital region into a major urban center.
