JTH Davies consolidates stake in STI education group

MANILA, Philippines - JTH Davies Holdings Inc., a company controlled by businessman Eusebio Tanco, has acquired 3.75 percent of STI Education Services Group, one of the listed firm’s shareholders.

In a disclosure to the stock exchange, JTH said it executed deeds of absolute sale with various sellers for the purchase of 27.6 million shares of STI.

No other details were disclosed.

STI, founded in 1983, currently has over 100 college campuses around the country. It also has seven grade schools in Metro Manila and northern Luzon.

The company earlier said it was allotting P2.5 billion for classroom and facilities upgrade in various STI Colleges nationwide.

Tanco has assigned in favor of JTH Davies all of his rights, interests and obligations in newly-acquired Philippine Women’s University (PWU).

The STI Group has infused P450 million in PWU in exchange for a 40-percent stake in the latter. The Benitez family still owns the controlling 60 percent of PWU.

With this, JTH shall assume the P230-million loan of PWU with Banco de Oro.

The STI Group continues to be on the lookout for schools to acquire to further expand reach.

Aside from educational institutions, Tanco also has interests in mining, pre-need products, port operations and gaming.