STI selling 20% stake in pre-need company

MANILA, Philippines -  STI Education Services Group Inc. is selling its 20 percent stake in Maestro Holdings Inc., which owns pre-need firm PhilPlans First Inc., to allow it to focus on its education business.

In a disclosure to the Philippine Stock Exchange yesterday, STI said its board of directors approved the disposal of its 1.28 million shares in Maestro Holdings,the umbrella company of the Tanco Group’s financial services firms.

Maestro owns 99.78 percent of the issued and outstanding capital of Philhealthcare, a health maintenance organization.

It also holds a 70 percent stake in Philippine Life Financial Assurance Corp., which provides financial services such as insurance, investment plans and loan privilege programs.

“The rationale for this disposition is to enable STI ESG to focus on its core business of offering educational services,” STI said.

STI said the disposition of shares is subject to compliance with all regulatory requirements.

The company did not disclose the amount to be generated from the sale of shares and who would buy its disposed stake.

STI earlier announced plans to build more campuses to take advantage of the expected influx of college students next year.

The company disclosed it has earmarked P1.17 billion for the construction of two academic centers located in Sta. Mesa, Manila and San Jose Del Monte Bulacan.

At present, STI has over 76 campuses with diversified programs in information technology, hospitality and tourism management, arts and sciences, engineering, business and management, and Senior High School.