Phinma Corp. on Wednesday said it recently acquired a new school in Cavite where some 3,000 students are enrolled.
This brings the group’s total student count to 167,000, according to Phinma Chairman Ramon del Rosario Jr. during the company’s listing of its P1-billion stock rights offering at the Philippine Stock Exchange.
Del Rosario did not disclose the school’s name.
“Phinma Education now has nearly actually now 167,000 students since we just acquired a school in Cavite with 3,000 students last week, of which many are the first in their families to go to college,” he said.
“On its 68th year, Phinma reaffirms its commitment to improving lives and contributing to nation building through well managed and profitable businesses which cater to the underserved. Our education business has proven this well.
The company’s stock rights offering ran from November 13 to 19, in which the company offered to existing shareholders the right to subscribe to 1 share for every 5.73 shares they own at an offer price of P20 apiece.
Del Rosario said some P200 million of the proceeds will go for the development of projects in the Phinma Properties in Bacolod, Cebu and Davao.
“These projects will allow us to fulfill the housing aspirations of low to middle income Filipinos,” he said.
“Phinma Properties broke ground last July on our first ever mixed use master plan, 20 hectare township in Bacolod city, which will also feature a branch of our Southwestern Phinma University, as well as a Tryp hotel to serve business and leisure travelers seeking comfortable, world class housing, lodging to support the government’s infrastructure push.”
Around P250 million of the proceeds has been allocated for the development of the Tryp Hotel in Bacolod, which will rise in the group’s Saludad mixed-use community.
Some P170 million will go to fund the 58 solar projects of Phinma Solar secured from the Green Energy Auction program.
The group’s cement business under Philcement Corp., meanwhile is receiving P114 million out of the proceeds to construct its 2 million metric tons manufacturing facility in Davao Del Norte.
“The remaining proceeds will head to the group’s new ventures such as Union Insulated Panel Corp., a new state of the art facility in Pampanga with a yearly production capacity of 1 million square meters,” del Rosario said.
Union Insulated has been allocated P210 million.
