MANILA, Philippines—The STI Group led by businessman Eusebio Tanco has obtained board approval to proceed with the acquisition of a controlling stake in 65-year-old West Negros University (WNU) in Bacolod City.
In a disclosure to the Philippine Stock Exchange on Thursday, STI Education Systems Holdings Inc. said its board had approved the purchase from the Agustin family of a controlling stake in WNU, recognized as one of the biggest universities in Negros Occidental and in Bacolod City. The university is accredited by the Philippine Association of Colleges and Universities-Commission on Accreditation (PACUCOA) for several of its colleges.
WNU’s eight colleges – the College of Education, College of Engineering, College of Criminal Justice Education, College of Arts and Sciences, College of Business and Management, College of Nursing and Allied Health Sciences, College of Maritime Studies, and College of Information Technology – offer 28 associate and bachelor’s degree programs. WNU also has a School of Graduate Studies with masteral programs in Education, Public Administration, Nursing and English, as well as doctorate programs in Educational Management and Public Administration.
Meanwhile, STI also disclosed its purchase of a 40-percent interest in a holding firm that owns a 20 percent equity in Unlad Resources Development Corp., the property arm of Philippine Women’s University. This increased STI’s stake in Unlad to around 40 percent, Tanco said.
STI earlier said it was positioning itself for another banner year this 2013, banking on fresh capital that would enable it to roll out an expansion program. The core of its investment strategy lies in the acquisition of new properties where it could expand existing schools by building new and bigger campuses.