PHINMA CORP. said its subsidiary PHINMA Education Holdings, Inc. has completed the acquisition of St. Jude College (SJC) Dasmariñas Cavite, Inc.
The purchase of SJC Dasmariñas Cavite, Inc. was completed on Jan. 7 after closing the acquisition of land and buildings and payment of debt with a combined value of P344 million, PHINMA Corp. said in a stock exchange disclosure on Wednesday.
PHINMA Education announced its acquisition of SJC Dasmariñas Cavite, Inc. for P431.8 million in December.
The share and asset purchase agreement signed between the two groups involved two closings, with the first one being the acquisition of controlling shares of SJC Dasmariñas Cavite for P85 million.
The acquisition brought PHINMA Education’s total student network to 167,000 and marked the company’s entry into the Cavite market.
SJC Dasmariñas Cavite is PHINMA Education’s tenth school in the country and twelfth in its regional network.
Established in 1968, SJC Dasmariñas Cavite offers a variety of tertiary and graduate programs such as Nursing, Radiologic Technology, Psychology, Hospitality Management, and Computer Science.
Other schools within the PHINMA Education network include PHINMA Araullo University in Nueva Ecija, PHINMA Cagayan de Oro College, PHINMA University of Iloilo, PHINMA University of Pangasinan, PHINMA Saint Jude College Manila, PHINMA Saint Jude College Quezon City, PHINMA Rizal College of Laguna, PHINMA Union College of Laguna, and Southwestern University PHINMA.
The company also has a presence in Indonesia through Horizon Karawang.
PHINMA Corp. shares fell by 2.7% or 50 centavos to P18 apiece on Wednesday. — Revin Mikhael D. Ochave
