STI Education Services Group Inc. put on sale its 20-percent stake in Maestro Holdings Corp. as it aims to focus on the core business of offering educational services.
Maestro is primarily engaged in pre-need, health and maintenance organization and insurance businesses. Maestro and STI Education are both owned by businessman Eusebio Tanco.
STI Education Systems Holdings Inc. said in a disclosure to the stock exchange unit STI-ESG approved the disposition of its 20-percent stake in Maestro Holdings in whole or in part, subject to compliance with all regulatory requirements for the disposal of said shares.
STI ESG owns 1.281 million shares in Maestro Holdings. Maestro Holdings owns 100 percent of the issued and outstanding capital stock of PhilPlans First Inc., a pre-need company as well as 99.78 percent of the issued and outstanding capital stock of Philhealthcare Inc., a health maintenance organization.
It also owns 70 percent of the issued and outstanding capital stock of Philippine Life Financial Assurance Corp., a company which provides financial services such as insurance, investment plans and loan privilege programs.