PHINMA Corp. is investing P278 million in a joint venture company that will hold its education business in Indonesia.
In a disclosure on Tuesday, Phinma said its education services unit Phinma Education Holdings Inc. signed on Monday an agreement with Tripersada Global Manajemen to form PT Ind Phil Managemen.
Phinma will own 66 percent of the new firm, which would hold and manage tertiary institutions for Yayasan Triputra Persada Horizon Education, with the first located in West Java, Indonesia.
“This entry into the Southeast Asian [education] market will strengthen Phinma Education’s position in the education industry,” Phinma said.
PT Ind Phil Managemen’s establishment comes a week after Phinma announced in a filing that it was planning to expand its education services in the Philippines and Vietnam.
In January, Phinma announced that it was exiting from the energy business with the sale of its 51.48-percent stake in unit Phinma Energy Corp. to Ayala-led AC Energy
Holdings Inc. for P3.42 billion, which would allow the latter to hit its target of 5 gigawatts of renewable power by 2025.
AC Energy would also subscribe to 2.6 billion primary shares of Phinma Energy at a par value of P1 each for a total of P2.6 billion.
Phinma said the plan was “a timely opportunity for the Phinma Group to harness value from a business which it established 50 years ago and which Phinma believes it has grown to the extent it can.” Phinma shares remained unchanged at P9.36 apiece on Tuesday.