STI Educations Systems Holdings Inc. subscribed to a 40-percent equity in Attenborough Holdings Corp. (AHC), a company that owns 20-percent of Unlad Resources Development Corp.
In a filing with the Philippine Stock Exchange, STI disclosed that its board has approved the company’s plan to subscribe to at least 40-percent equity in AHC, under such terms and condition as may be agreed upon by the parties.
“The company shall advise the exchange once definitive agreements are executed by the parties,” the disclosure further said.
STI, formerly listed under a corporate name of JTH Davies Holdings Inc., previously signed an ombnibus agreement with AHC and Unlad, whereby JTH and AHC granted loans in favor of Unlad in the principal amounts of P198 million and P221 million, respectively, to be used to upgrade the facilities, courseware and faculty of Philippine Women’s University, among others.
The JTH loan to Unlad shall then be secured by the mortgage of Unlad’s properties located in Quezon City and Davao. The JTH loan to Unlad, inclusive of interest, shall be paid by converting the said loans into equity in Unlad.
Meanwhile, STI has secured its board approval to acquire another school in Bacolod City, Negros Occidental.
STI will be acquiring from the Agustin Family the West Negros University (WNU) under such terms and conditions as the parties may agree upon. WNU offers basic, secondary, tertiary education courses and graduate courses.
STI announced the acquisition plan in April through its disclosure to the exchange.
In its earlier disclosure, the Eusebio Tanco-led firm said that it executed a memorandum of agreement with the Agustin family for the purchase of a controlling stake in WNU.
Madelaine B. Miraflor