Conglomerate Phinma Corp. has transferred its shares in Southwestern University (SWU) and four other schools to new wholly-owned subsidiary Phinma Education Holdings, Inc.
The new unit, which was created in preparation for the expansion and possible initial public offering of the conglomerate’s education business, acquired 21,331 SWU shares from its parent company for P2.5 billion, a disclosure to the Philippine Stock Exchange showed.
Phinma Education also acquired: 13 million shares of Araullo University for P300 million; 475,531 shares of Cagayan de Oro College for P265 million; 28.48 million shares for P579 million; and 1.22 million shares of University of Iloilo for P468 million.
Phinma Education’s board of trustees also approved during its meeting last Friday a move to seek a P2.5-billion loan.
Phinma acquired 17,201 shares of SWU from the Aznar family for P1.9 billion in April this year. The shares represented 56.83 percent of the university’s total outstanding capital stock.
The company took control of the university in May and purchased additional 10.62 percent stake for P368 million in August.
Phinma has vowed to improve SWU’s operational efficiencies and build on its “long tradition of excellence, particularly in medicine and the allied health sciences.”
The school, based in Urgello, Cebu City, is expected to boost Phinma education network’s total enrollment to nearly 50,000 students.
SWU was founded in 1946 by couple Don Matias Hipolito C. Aznar II and Doña Anunciacion Barcenilla Aznar, both pharmacists.