STI Education Systems Holdings, Inc., a leading education and investment firm owned by businessman Eusebio Tanco, is acquiring the Philippine School of Business Administration (PSBA).
STI reported Wednesday its board approved the execution of a term sheet between the company and PSBA, which operates two campuses in Manila and Quezon City.
“The term sheet covers the takeover by the company of the operations of PSBA as well as the acquisition of licenses, trademarks, trade names and school-related assets owned by PSBA,” STI said.
The agreement, however, is subject to several conditions, including execution of mutually acceptable definitive agreements, fulfilment of conditions precedent, the approval of the stockholders of PSBA and regulatory approvals.
Founded in October 1963, PSBA started as a review and training center for certified public accountants. In 1966, it started to offer baccalaureate programs in business administration.
Meanwhile, STI is the owner and operator of one of the largest networks of private schools in the country.
Its network consisted of 63 schools with 37 owned schools and 26 franchised schools comprising 60 colleges and 3 education centers as of end-December 2023.
STI earlier reported that it more than doubled its net income for the fiscal year ended December 2023 on increased enrollment.
In a financial report filed with the Philippine Stock Exchange, its net income reached P517.8 million for the six-month period ended December 2023, up 132 percent from the same period a year ago.
Gross revenues improved by 36 percent to nearly P2 billion from P520-million for the same period last year as group-wide enrollment increased 14 percent to 94,312 students in SY 2022-2023 from 82,629 students in SY 2021-2022.
New students for the SY 2023-2024 reached 55,982, up 35 percent from 41,565 new students in the previous school year.