Philippines: ADB, Kaizen PE invest $31.5m in Phinma's education unit

Source: Phinma Corp

Phinma Corp, a listed holding firm in the Philippines, has announced that the Asian Development Bank (ADB) education sector-focused private equity firm Kaizen Private Equity have taken a 20.28 per cent stake in its education unit for P1.63 billion ($31.5 million).

In a disclosure to the Philippine Stock Exchange (PSE), Phinma said its board authorised the signing of an investment agreement by its unit Phina Education Holdings, ADB, and the Indian PE firm for the acquisition of newly issued shares.

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