STI Education System Holdings Inc. said on Tuesday its board of directors has approved the plan to divest its 20 percent stake in Maestro Holdings Inc.
STI owns over 1.2 million shares of Maestro, a part of the Tanco Group of Companies.
By selling its interests in Maestro, STI intends to focus on its core business of educational services. It owns owns 77 schools nationwide. The disposition of shares in Maestro is subject to compliance with all regulatory requirements.
Maestro owns 100 percent of the issued and outstanding capital stock of PhilPlans First Inc., a pre-need company, as well as 99.89 percent of the issued and outstanding capital stock of Philhealthcare Inc., a Health Maintenance Organization (HMO).
It also owns 70 percent of the issued and outstanding capital stock of Philippine Life Financial Assurance Corporation, a financial services firm in the business of insurance, investment plans and loan privilege programs.