FEU to acquire majority stake in Bataan college

LISTED educational institution Far Eastern University, Inc. (FEU) has entered into a memorandum of agreement with Bataan Peninsula Educational Institution, Inc. (BPEII) to purchase 76.92% of the land where BPEII operates for P50 million.

In a regulatory filing on Monday, FEU said the agreement also includes its subscription to 39,500 shares in BPEII for P106 million.

“FEU and the other landowners will subsequently transfer the land in exchange for additional shares in BPEII,” the company said.

The deal, involving BPEII — which operates as University of Nueva Caceres-Bataan — is pending fulfillment of closing conditions.

After the transaction, FEU is set to hold a 60.34% equity stake in BPEII.

FEU currently holds a 51% stake in Edustria, Inc., a senior high school in Batangas co-developed with the Technological Institute of the Philippines, Inc., which owns 49%.

The company also has interests in other educational institutions, including a 40% stake in JPMC College of Health Sciences in Brunei Darussalam, 34% of Good Samaritan Colleges, Inc. in Cabanatuan City, Nueva Ecija, and 50% of Higher Academia, Inc. in San Fernando, Pampanga. — Alexandria Grace C. Magno