CEU to pay P200M for Las Piñas College

CENTRO Escolar University is set to fork out around P200 million to acquire Las Piñas College and its property assets in Almanza, Las Piñas.

“The acquisition is in line with CEU business operation and will open an opportunity for school expansion,” CEU said in a disclosure to the Philippine Stock Exchange on Thursday.

CEU’s board has approved the purchase of the college as well as land, building and improvements where it stood on.

Based its disclosure on Thursday, CEU will pay P4 million for 100 percent of shares of stocks of Las Piñas College and another P196 million for its property assets. CEU is acquiring the land with a total lot area of 13,852 square meters plus the building and improvements.

CEU was given until March 31, 2016 to fully pay for the school’s stocks and its property assets. The selling party is the Uy family.

Based on its website, Las Piñas College started in 1975. Its founder Dr. Faustino Legaspi Uy first opened the School of Nursing using Las Piñas General Hospital – that eventually became Dr. Faustino L. Uy Medical Foundation – as the clinical division in 1973. Two years after, the school started accepting kindergarten, elementary, high school, Nursing and Liberal Arts as well as vocational students. The school has since then diversified its offering.

CEU, led by the heirs of the late business magnate Emilio Yap, had an enrolment of 22,751 for the first semester and 21,449 for the second semester of school year 2014-2015. The school has a market capitalization of P3.8 billion at present.

Las Piñas College describes itself as “vanguard of Christian faith” and a Filipino school that “emphasizes self-discipline, maintains family solidarity, improves community life and preserves all that is desirable in our national heritage.