Aboitiz Equity Ventures and Singlife have signed a joint venture deal to establish a new digital life insurance company in the Philippines while Phinma Education is acquiring The Republican College for 247 million pesos ($4.9 million).
Aboitiz Equity Ventures partners Singlife in new insurance JV
In a disclosure to the Philippine Stock Exchange, AEV said Singlife will own 65 per cent of the joint venture company, Singlife Philippines. Partners Di-Firm and AEV will take 20 per cent and 15 per cent stake, respectively, in the new insurance company.
Singlife Philippines, headquartered in Manila, will be offering financial solutions that it said will make insurance more accessible to Filipinos nationwide.
Data from the Philippine Insurance Commission showed that the country’s life insurance market has grown significantly over the past five years, with total premium income rising 9 per cent per annum and sales of new policies growing at an approximate rate of 15 per cent per year.
Singlife, valued at $360 million, is the first independent life insurance company that is fully licensed by the Monetary Authority of Singapore. Aboitiz Equity Ventures, on the other hand, is the public holding company of Aboitiz Group, with major investments in power, banking, and financial services.
Phinma Education acquires The Republican College for $4.9m
Phinma Education Holdings Inc, the education arm of listed conglomerate Phinma Corp, has agreed to acquire a controlling stake in The Republican College for 247 million pesos ($4.8 million), adding to the firm’s network of colleges and universities.
In a disclosure, Phinma said its education unit has signed the share and asset purchase agreement to acquire controlling shares of stock and investment in new shares of stock of The Republican College, which offers accountancy, business management, and general academic strand.
The acquisition of 24,114 shares at 673 pesos apiece represents 94.5 per cent ownership in the target school. The purchase price, Phinma said, takes into account various factors such as the number of enrolled and the appraised value of properties registered under the name of the school and its owners.
Proceeds will be used by The Republican College to finance the acquisition of essential properties, according to the disclosure.
The investment will add to Phinma Education’s network of colleges and universities and represents Phima Education Holding’s 7th school in the Philippines. The group also owns Phinma-Araullo University, Phinma-Cagayan de Oro College, Phinma-University of Iloilo, Phinma-University of Pangasinan, Phinma-Saint Jude College, and Southwestern University in Cebu.