Photo from STI website
MANILA—The STI Holdings group led by Eusebio Tanco has sealed an agreement to acquire its second university: West Negros University, which has a student population of about 5,000 and a 3.1-hectare campus in the center of Bacolod City.
In a disclosure to the Philippine Stock Exchange on Thursday, STI Education Systems Holdings Inc. announced the execution of a deed of absolute sale with WNU Corp. comprising over 99 percent of the university’s outstanding common stock and preferred shares.
The exact valuation was not disclosed but STI Holdings said its purchase price, which was paid in cash, was less than 10 percent of STI’s own total book value. The disclosure said the price was based on the enterprise value net worth and profitability of WNU.
In its disclosure, STI said this deal would enable it to “expand its network of educational institutions as well as its course offerings at the tertiary level.” The purchase is also seen providing STI Holdings with “entry into basic education which is the focus of the government’s K-12 program and into the graduate school level which is critical in updating the development of human capital in the country.”
The company said this was the same rationale that led it to acquire a substantial interest in Philippine Women’s University.
WNU was founded in 1949 and became a university in 2008. Its campus is located on Burgos Street in central Bacolod City. The sellers are members of the Agustin family.