PHINMA Corp., a diversified investment company headed by businessman Ramon Del Rosario, now fully owns its brokerage arm, PHINMA Insurance Brokers, Inc. (PIBI), after completing its 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 its business portfolio and tap into growth opportunities in the expanding Philippine insurance market.
PIBI, the insurance brokerage arm of PHINMA, 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., completed 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. It followed the December announcement of the acquisition, valued at P431.8 million.
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 acquisition expands Phinma Education’s total student population to 167,000 and marks its first venture into the Cavite market.