Phinma takes over SWU; Aznar family retains two seats in new board

Chito B. Salazar is the new chairman of Southwestern University. (CDN PHOTO/ CHRISTIAN MANINGO)

Listed conglomerate Phinma Corp. yesterday took over the management of Southwestern University (SWU) after completing the acquisition of a majority stake in the Aznar-founded institution.

Newly appointed chairman Chito B. Salazar Jr. said in a press conference that Phinma completed yesterday the acquisition of 56.83 percent of the school’s total outstanding capital stock for P1.9 billion from the Aznar family. This is equivalent to 17,201 shares.

He said this was Phinma’s “biggest investment so far.”

The conglomerate also operates Araullo University, Cagayan de Oro College, University of Iloilo and University of Pangasinan under the Phinma Education Network. Salazar is the president and chief executive officer of Phinma Education.

A new board of trustees was elected during the stockholders’ meeting yesterday, with the Aznar family retaining only two seats. Representing the family in the board are Antonio Alfonso Jr. and lawyer Victor Maambong, who sits in the board in behalf of Merlo Aznar.

Phinma has six seats and is represented by Troy Luna as vice-chairman and corporate secretary, Daisy Montinola as treasurer and chief finance officer, and Ma. Concepcion Sandoval, Jeanette Fabul and Albert Gamboa as directors. SWU president Noe Quiñanola also sits in the board.

Salazar said they will “build on the strong foundation started by the Aznar family.”

“I think they have done a good job here and we’re building on a strong foundation,” Salazar said.

A strategic planning session to set the direction for the school will be held six months from now, he added. He will also meet with the employees next week.

Initially, he said Phinma will strive to maintain SWU’s position as a top-notch school for medical sciences and develop the engineering sciences.

READ: Aznar family selling SWU shares to Phinma

“Our priority is to improve quality and that could mean faculty, facilities and you’d see SWU soon promoting beyond Cebu like Bacolod,” Salazar said.

He said they want to see more members of the faculty undergo further schooling  abroad to solidify their credentials and conduct more research.

“The two-year period when the K-12 takes effect is an opportune time for the faculty to do that. I really think we can elevate SWU to be a top tier academic institution in the country. Academic quality brings in more enrollees,” he said.

Salazar said Phinma has been trying to acquire a school in Cebu since 2008. Serious negotiations with the Aznar family started in 2010. The family approved the transaction on April 22 this year.

Phinma plans to acquire another school, either in the Davao or Bicol region, Salazar added.