PHN, a listed holding firm, made the disclosure on Wednesday that Phinma Education fully paid in cash for all its shares in Araullo University Inc (AU), University of Pangasinan Inc (Upang), University of Iloilo (UI), and Cagayan de Oro College Inc (COC).
“Phinma Education will be holding the company for PHN’s investments in education and will be the vehicle for raising funds in the future,” PHN said in its statement.
Aside from the four private schools mentioned, PHN will also be selling its shares in Southwestern University (SWU) to Phinma Education before December 31, 2015. PHN has 57 per cent stake in SWU worth P1.9 billion.
Also read: PH Dealbook: Phinma acquires SWU for $43m
PHN owns 78.64 per cent of AU, 74.21 per cent of COC, 69.75 per cent of Upang, and 69.79 per cent of UI. It will dispose a total of 43,253,649 shares for a total selling price of P1,613,433,051.
Besides education, PHN has investments in steel products, housing, business process outsourcing, energy, and hotel sectors, including strategic consulting.
Since September 30, the holding company has recorded a net income of P287.4 million, which is 64 per cent higher in the same period last year, attributing it to equity holdings which grew 56 per cent or P216.9 million.
PHN’s last trading price increased 0.18 per cent or P0.020 to close at P11.42.