STI acquiring university in Bacolod
Tanco-led education network STI Education Systems Holdings has struck a deal to acquire West Negros University in Bacolod as part of its nationwide expansion program.
In a disclosure to the Philippine Stock Exchange on Tuesday, STI said it had signed a memorandum of agreement with the Agustin family for the acquisition of a controlling stake in West Negros University Corp. (WNU Corp.), which owns and operates the Bacolod university.
“The acquisition is expected to be completed after the legal, academic, financial and tax due diligence by STI Holdings,” the disclosure said.
The university offers pre-elementary, elementary, secondary and tertiary education as well as graduate courses.
STI Holdings earlier said it was positioning itself for another banner year, banking on fresh capital that would roll out its ambitious expansion program.
According to STI chair Eusebio Tanco, the firm’s investment strategy focuses on the acquisition of new pieces property where it can build new and bigger campuses for existing schools.
Earlier, the company announced the construction of a new STI Academic Center in a four-hectare property in Ortigas-Cainta, housing a campus that can accommodate up to 5,000 students and a new head office for the STI Education Services Group (STI ESG).
It also acquired a 15,000-square -meter property in Caloocan which would be the site of the STI Academic Center Caloocan.
STI College Cebu will also be put up in Ayala Center in Cebu City. The company also plans to put up new academic centers in Las Piñas, Cubao, Davao, Cagayan de Oro, Calamba, and Lucena over the next three years.
With expansion programs underway, the company expects to grow its student population to 100,000 by 2015 from 68,000. Doris C. Dumlao