PHINMA Corp. generated as much as P1.625 billion from the sale of a 20-percent stake in subsidiary Phinma Education Holdings Inc. to two institutions. In a disclosure on Friday, Phinma said Kaizen Private Equity II Pte. Ltd. and the Asian Development Bank (ADB) subscribed to a combined 20.28-percent stake in its education unit, giving them two board seats. Phinma expects to complete the sale by Sept. 30, 2019, subject to necessary closing conditions. Its interest in Phinma Education would stand at 68.6 percent after the transaction. Phinma Education is the holding company of Phinma’s investments in educational institutions. It runs Araullo University, Cagayan de Oro College, University of Pangasinan, University of Iloilo, Southwestern University and St. Jude College. Phinma shares ended down by 22 centavos or 2.38 percent to P9.03 apiece on Friday.