PHINMA Education Holdings, Inc. revealed on Friday that it is acquiring The Republican College, Inc. for P247 million as part of its bid to strengthen its footing in the education industry.
The education unit of PHINMA Corp. said it signed the share and asset purchase agreement with Republican College on 20 December and under the agreement, the company will acquire controlling shares of stock and investment in new shares of stock of the Republican College located in Quezon City to finance the acquisition of essential properties.
PHINMA Education will buy 25,250 shares of the educational institution priced P673 apiece and the company said it had made a P10 million down payment on 11 November.
The parties closed the transaction on Friday with the acquisition of 24,114 shares representing 94.5 percent ownership and subscription to new shares, subject for approval by the Securities and Exchange Commission of the increase in capital stock, PHINMA said.
“The purchase price takes into account various factors such as the number of enrollees and the appraised value of properties registered under the name of the school and its owners,” PHINMA said.
The investment is expected to add to its network of colleges and universities.
Republican College offers accountancy and business management strand and the general academic strand with specialization in criminology for senior high school.
Additionally, it has undergraduate courses in political science, education, business administration and criminology, as well as graduate degrees in business administration, education and criminology.
It is set to become PHINMA Education’s seventh school in the Philippines, as it also owns PHINMA-Araullo University, PHINMA-Cagayan de Oro College, PHINMA-University of Iloilo, PHINMA-University of Pangasinan, PHINMA-Saint Jude College and Southwestern University.