PHINMA Education Holdings Inc. (PEHI) said it expects to close the full acquisition of a school in Southern Luzon by December.
“There’s a school that we want to buy. I can’t tell you what it is. But we anticipate closing the deal in December,” said Christopher Tan, Phinma Education’s country chief for the Philippines.
Tan told The Manila Times in an interview during a media briefing earlier this month that PEHI is in discussions with two schools it is planning to acquire.
“We’re hoping for two (schools), but currently, there’s one. We’re currently talking with two schools, and the other one was still priced high,” Tan said.
He added that they are still discussing certain terms with the other party for the acquisition.
“We already have a term sheet. They already agreed on the ceiling price,” Tan said.
For the school year (SY) 2023-2024, PEHI recorded more than 146,000 enrollees, resulting in a consolidated revenue of P5.69 billion.
Phinma Education fielded 31 board exam topnotchers for SY 2023-2024, for a total of 174 topnotchers since the company’s inception in 2004.
“We pride ourselves on meeting our students where they are and taking them to where they want and deserve to be. These results are especially impressive when we consider that only 3 percent of our low-income students and 15 percent of our middle-income students come to us ready for college,” Phinma Chief Learning Officer Francis Larios said.
Aside from the planned acquisition of schools, PEHI is currently renovating its current schools, with construction underway at the campus of Phinma Araullo University’s Basic Education Building, Phase 1 of the San Jose campus, and Phinma University of Pangasinan’s Riverside campus.
Its Indonesian campus, Horizon University Karawang in West Java, is looking at developing a new 10-story building as it prepares for bigger enrollment numbers.
Shares of PEHI parent Phinma Corp. last traded on Thursday at P22.10 each.
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