STI selling stake in non-core businesses
sti-college
The flagship unit of STI Education Systems Holdings Inc. is unloading its 20 percent stake in the Tanco group’s holding firm for pre-need, health and maintenance organization (HMO) and insurance businesses.
In a disclosure to the Philippine Stock Exchange on Wednesday, STI said its subsidiary STI Education Services Group Inc. (STI ESG) had approved the disposition of its 20 percent stake in Maestro Holdings Inc., in whole or in part.
“The rationale for this disposition is to enable STI ESG to focus on its core business of offering educational services,” the disclosure said.
The sale of this stake is subject to compliance with all regulatory requirements, the disclosure added.
STI ESG is involved in establishing, maintaining, and operating educational institutions to provide pre-elementary, elementary, secondary, and tertiary as well as post-graduate courses, post- secondary and lower tertiary non-degree programs. Its also develops or acquires curricula or academic services as may be necessary in the pursuance of its main activities, relating but not limited to information technology services, information technology-enabled services, nursing, education, hotel and restaurant management, engineering, business studies and care-giving.
Other activities of STI ESG include computer services, including programming, systems design and analysis, feasibility studies, installation support, job processing, consultancy, and other related activities.
STI ESG owns a total of 1.28 million shares in Maestro Holdings which in turn owns 100 percent of pre-need firm PhilPlans First Inc. and 99.78 percent of HMO firm Philhealthcare Inc. (Philcare).
Maestro Holdings also owns 70 percent of Philippine Life Financial Assurance Corp. (PhilLife), a company which provides financial services such as insurance, investment plans and loan privilege programs.
The disclosure did not say who will purchase the stake in Maestro Holdings.
STI ESG bought the 20 percent in Maestro Holdings, then known as STI Investments, in 2009. STI Investments subsequently acquired PhilPlans from the Philamlife group.
PhilPlans later acquired a 65 percent interest in Rosehills Memorial Management Inc., a company that manages memorial park, memorial and interment services and sale of memorial products. STI Investments afterwards also bought into Philhealthcare and PhilLife.
