Phinma completes P150-M brokerage arm acquisition
PIBI offers life, non-life and HMO insurance products through partnerships with domestic and international insurers.
Daily TribunePIBI offers life, non-life and HMO insurance products through partnerships with domestic and international insurers.
Diversified investment company PHINMA Corp., headed by businessman Ramon Del Rosario, assumes full ownership of its brokerage arm, PHINMA Insurance Brokers Inc. (PIBI), after completing a P150.53 million deal.
In a stock exchange filing on Friday, the company purchased an additional 2.3 million shares to complete the transaction.
The deal, approved by Phinma’s board in November 2024, is seen to strengthen its position in the insurance sector.
It aligns with its strategy to diversify the company’s business portfolio and tap into growth opportunities in the expanding Philippine insurance market.
PIBI offers life, non-life, and HMO insurance products through partnerships with domestic and international insurers.
This week, PHINMA also disclosed that its subsidiary, Phinma Education Holdings Inc., has finalized the acquisition of St. Jude College (SJC) Dasmariñas Cavite Inc.
The transaction involved the purchase of land, buildings, and the settlement of debts amounting to a combined P344 million. Announcement of the acquisition, valued at P431.8 million, took place in December, 2024.
Under the share and asset purchase agreement, the acquisition was carried out in two phases. The initial phase involved acquiring controlling shares of SJC Dasmariñas Cavite for P85 million.
The SJC Dasmariñas College acquisition expands Phinma Education’s total student population to 167,000 and marks its first venture into the Cavite market.