Corporate News


PWU acquires Makati Medical Center school




Posted on October 22, 2013


PHILIPPINE WOMEN’s University (PWU) has purchased the school division of the company behind Makati Medical Center, STI Education Systems Holdings, Inc. said in a disclosure yesterday.

A VIEW of Philippine Women’s University, which is 40%-owned by STI Education Systems Holdings, Inc., is shown in this undated file photo. -- www.wikipedia.org
“Please be advised that it was Philippine Women’s University that acquired 100% of the issued and outstanding capital stock of Makati Medical Center College, Inc. (MMCCI) from Medical Doctors, Inc. (MDI),” said STI Education, which owns 40% of PWU, in a clarificatory statement contained in the disclosure.

MMCCI, which is located in Legaspi Village in Makati City, offers bachelor’s degree in nursing, and other health-related courses.

Officials from PWU and MMCCI were not immediately available yesterday for details on the transaction.

FOCUS

Established in 1919 as a private, non-stock university, PWU is one of the country’s oldest universities known for pioneering specialized college and training programs for women such as the College of Pharmacy and Business Administration in the 1920s, it Web site showed.

PWU had already been offering a nursing degree course prior to the acquisition.

MDI, meanwhile, is 33.4% owned by Metro Pacific Investments Corp. (MPIC), according to the listed conglomerate’s 2012 annual report.

HOLDINGS
Aside from PWU, STI Education owns STI colleges, iAcademy and West Negros University.

STI Education’s net income grew by 41.86% to P185.27 million in the first quarter of its fiscal year -- which runs from April 1 to March 31 -- from P130.60 million in the same three months last year.

In the same comparative periods, revenues went up by 3.12 % to P330.44 million from P320.43 million, while the cost and expenses dropped by 1.22% to P290.84 million from P294.44 million.

Yesterday, shares of STI Education ended trading at 67 centavos apiece, unchanged from their finish on Friday last week, while those of MPIC lost five centavos or 1.02% to end P4.85 each.

MPIC is the local unit of Hong Kong-based First Pacific Co. Ltd., which partly owns Philippine Long Distance Telephone Co. (PLDT). Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld. -- Cliff H. C. Venzon