Philippines: Phinma Education buys out parent firm’s stake in different universities for $34m

Visual from company website.

Phinma Education Network in the Philippines has bought all shares of its parent company Phinma Corp (PHN) in three universities and one college institution for $34.2 million (P1.6 billion).

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.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.