Tanco-led educational network operator STI Education Systems Holdings Inc. seeks to play a key role in educating Filipino seafarers who can serve the global marketplace with a deal to acquire maritime educational institution NAMEI Polytechnic Institute Inc. (NPII).
STI, through subsidiary STI Education Services Group Inc. (STI ESG), signed on Feb. 19 an agreement to acquire 99 percent of Mandaluyong-based NPII, expanding the tertiary course offerings of STI’s network of schools.
“The entry of STI ESG into NAMEI aligns with STI’s approach in building new paths and creating more opportunities for the Filipino youth to break into the professional world,” STI said in a disclosure to the Philippine Stock Exchange.
“The acquisition of NAMEI is a strategic move to boost the institution’s sought-after courses that emphasize academic excellence, and practical and industry-driven skills that will produce more world-class professionals in various fields particularly in maritime,” the disclosure said.
STI ESG also plans to establish information technology programs for the maritime sector, such as networking and communications, cybersecurity, and IT maintenance and services, citing the need to “keep up with the ever-changing demands in the seafaring industry.”
NPII offers tertiary or college level education program including Maritime Transportation, Marine Engineering and Naval Architecture.
The Philippines is a leading provider of maritime professionals and is considered by many to be the seafaring capital of the world.
Based on data from the Philippine Statistical Authority and the International Maritime Organization, Filipinos account for about 380,000 of the 1.5 million seafarers worldwide.
The maritime industry is also a major contributor to the country’s economy. Remittances from Filipino seafarers amounted to $1.934 billion from January to April in 2018, based on data from the Bangko Sentral ng Pilipinas.
Closing conditions include the completion of all necessary approvals, including the approval of the Commission on Higher Education.
During the nine-month period ending December 2018, STI recorded a net income of P190.4 million out of P2 billion in gross revenues. The net income was lower than the P311-6 million bottom line in the previous year.
STI follows an April to March fiscal year, mirroring the local academic cycle.