PHINMA Corporation on Wednesday said its subsidiary acquired a majority stake in the company behind St. Jude College in Manila.
In a disclosure to the stock exchange, the listed company said Phinma Education Holdings, Inc. inked a share purchase agreement to buy 57,347 shares, representing 95.6%, in St. Jude College, Inc. Phinma said the transaction was valued at P370.2 million.
“The corresponding deeds of absolute sale were executed today and the transfer will be recorded in the books of St. Jude College upon issuance of the appropriate tax clearances,” the company said.
St. Jude College was established in 1968 as a School of Nursing, but is now a full service educational institution. It has 3,050 students enrolled in basic education, college, and graduate school programs. It offers courses in allied health sciences, business, education, information technology, and hospitality.
For the first nine months of 2017, Phinma Education reported its consolidated revenues were flat at P1.5 billion. Systemwide student enrollment went up by 8% to 58,837 for School Year 2017-2018.
“However, the government’s K to 12 education reform program, which adds two more senior high school years, continued to adversely affect college freshman enrollment in favor of senior high school enrollment, reducing the network average tuition per student. Operating expenses of the holding company also increased due to one-off business development expenses for local expansion and for setting up of operations abroad,” Phinma said in its third quarter report.