STI Education Services Group Inc (STI-ESG), a wholly-owned subsidiary of Philippine-listed STI Education Systems Holdings Inc, is divesting 20 per cent of its stake in Maestro Holdings Inc which holds capital stocks in top local insurance companies.
STI ESG’s board approved on Tuesday (June 27) the disposal of its shares to enable the company to focus on its core business of offering educational services.
The group owns a total of 1.2 million shares in Maestro Holdings. Share prices are undisclosed.
Founded in August 21, 1983 as a computer training center, STI now has over 76 campuses with diversified programs in IT, hospitality and tourism management, arts and sciences, engineering, business and management, and senior high school.
Maestro Holdings owns 100 per cent of the issued and outstanding capital stock of PhilPlans First Inc as well as 99.78 per cent of the issued and outstanding capital stock of Philhealthcare Inc, a Health Maintenance Organization (HMO).
Maestro Holdings also owns 70 per cent of the issued and outstanding capital stock of Philippine Life Financial Assurance Corp, a company which provides financial services such as insurance, investment plans and loan privilege programs.
STI EGS’s parent firm STI Holdings is a proprietor of one of the largest network of private schools in the Philippines. It grew a nine-month net income of P624.3 million ending December 31, 2016, or about P97 million higher than the P527.8 million it posted during the same period of the previous year.
STI Holdings’ last trading price increased 5.52 per cent or P0.080 to close at P1.53 per share on Wednesday (June 28).