SEC approves change in name of Tanco-led firm to STI Education Systems Holdings
MANILA, Philippines—The Securities and Exchange Commission (SEC) has approved the change in the corporate name of an Eusebio H. Tanco-led listed firm to STI Education Systems Holdings, in line with the company’s new role as the group’s schools investment arm.
In a disclosure, JTH Davies Holdings said the SEC approved the change in name in a resolution last September 10.
“We shall submit certified true copies of certificate of filing of amended articles of incorporation and the certificate of filing of amended bylaws as soon as we obtain the same from the SEC,” the company told the local bourse.
The Tanco group, which controls port developer Asian Terminals Inc., completed the “backdoor listing” of its education assets earlier this month. The group owns the STI Education Services Group and the Philippine Women’s University (PWU).
This came as it obtained approval to beef up its capital stock and complete private placement and share swap arrangements that would infuse the group’s assets into the company.
The company’s authorized capital stock will be raised to 10 billion shares. It currently has 1.1 billion shares, of which 307.18 million are issued and outstanding. JTH shares rose 10 centavos, or 6.5 percent, on Wednesday to close at P1.63 each.
This gave the company a market capitalization of P1.68 billion.
STI, founded in 1983 by IT veteran and former Commission on Elections (Comelec) Commissioner Augusto “Gus” Lagman, has over 100 college campuses around the country. It also has seven grade schools in Metro Manila and northern Luzon.
The Tanco group acquired a 40-percent stake in PWU, located on Taft Avenue in Manila, late last year in a deal worth P450 million.
Aside from port development and education, the Tanco group also has investments in pre-need insurance, healthcare, and financial services.