Phinman will pay 90 percent of the purchase deal, which was approved by the board on July 6, upon closing the deal. The remaining 10 percent shall be placed in escrow and shall be released in accordance with the terms of the agreement.
Phinma said the purchase would boost its position in the education business.
The Calamba-based college offers junior high school and three tracks for senior high school – academic (accountancy and business management and general academic strand), technical vocational (industrial arts, electrical installation III and maintenance), and ICT (computer hardware servicing). It also offers undergraduate courses in education, business administration, office Administration, and industrial technology.
Phinma Education chalked up a 12 percent hike in revenues to P814 million in the first three months of 2020, due to higher enrollment.
Phinma Education received $12.3 million in investments from Asian Development Bank (ADB) which raised the total foreign investments (including Kaizen Private Equity II Pte. Ltd. and the Netherlands Development Finance Company) in the firm to $36.9 million.