Listed holding firm Phinma Corp. has entered into a joint venture with Tripersada Global Manajemen to gain a foothold in Indonesia’s education sector.
Under the agreement, Phinma Education Holdings and Tripersada will form PT Ind Phil Managemen (IPM) which will manage tertiary institutions, the first one of which is located in West Java, Indonesia.
Phinma Education will invest around $5.3 million or P278 million, equivalent to 66% of the joint venture company. It will remit P129.8 million this month to meet the initial capitalization requirements of the joint venture firm.
This investment is in line with Phinma’s regional strategy.
With a population of over 260 million, Indonesia provides Phinma with a new market to serve, and a new source of income.