Phinma Education Holdings Inc., a subsidiary of the Phinma Corp., said Tuesday it is taking control of Union College of Laguna Inc.
Phinma said in a disclosure to the stock exchange PEHI signed a share purchase agreement for a 65.67-percent stake in the Laguna-based school for P88.17 million.
The transaction will be closed on April 30, 2021, subject to accomplishment of certain conditions.
Phinma said the acquisition would strengthen PEHI’s position in the education industry, particularly in Laguna where Union College of Laguna is the second school in a planned network in the province.
Union College of Laguna offers kindergarten, elementary, junior high school and the academic track and technical vocational track for senior high school.
It also offers undergraduate courses in Education, Economics, Public Administration, Accountancy, Computer Science, Computer Engineering, Information Technology, Criminology, Hotel and Restaurant Management, Psychology, Political Science, English, Communication and Secretarial Administration and graduate courses in Public Administration and Education.
The deal will add to PEHI’s network of colleges and universities which includes PHINMA-Araullo University, PHINMA-Cagayan de Oro College, PHINMA-University of Iloilo, PHINMA-University of Pangasinan and PHINMA UPANG College of Urdaneta, PHINMA-Saint Jude College, PHINMA-Republican College, PHINMA-Rizal College of Laguna and Southwestern University-PHINMA.
PEHI piloted two remote learning models, Flex Learning and Remote and Distance Learning, to respond to the needs of different sectors during the pandemic.
Enrollment was strong with 71,659 students in the first semester, representing 97 percent of the previous school year.
Phinma earlier reported plans to issue at least P2 billion worth of fixed-rate retail bonds this year to fund projects that would accelerate growth in strategic business units.
Aside from education, Phinma also has investments in cement manufacturing, property development, hospitality and production of construction materials.
The share price of Phinma closed unchanged Tuesday at P12.30.