THE Ayala group has expanded its education portfolio after completing the takeover of National Teachers College (NTC).
In a disclosure to the stock exchange on Monday, Ayala Corp.(AC) said wholly owned subsidiary AC Education, Inc. (AEI) “assumed ownership of approximately 96% of the outstanding voting shares and 88% of the total outstanding shares of National Teachers College.”
AEI, who emerged as the winning bidder after taking part in a competitive bid process, purchased secondary shares and subscribed to primary shares of NTC, the conglomerate said. The total acquisition price amounts to less than a tenth of AC’s total shareholders’ equity.
Founded in 1928 in Quiapo, Manila, NTC specializes in teacher education, and was the first to offer general education courses up to the Bachelor of Science in Education program. The school’s student population currently stands at over 10,000, around 3,500 of whom are taking up education as a degree and at the graduate level.
NTC has a Level III accreditation from the Philippine Association of Colleges and Universities Commission Accreditation, which recognizes the school’s quality standards for its elementary and secondary education programs.
AC Chairman and Chief Executive Officer Jaime Augusto Zobel de Ayala reiterated the conglomerate’s commitment to invest in education by delivering inclusive, quality education that significantly improves the employability of its high school and college graduates.
“We believe that NTC can play an integral role in our efforts to contribute to a better education system in the Philippines, because of NTC’s long and successful track record in producing quality educators who go on to teach in both public and private schools,” Mr. Zobel was quoted in a statement as saying.
Since entering the education business in 2012, AEI has established the largest chain of stand-alone private high schools through Affordable Private Education Center (APEC) Schools, accommodating 16,000 students across 23 locations in Metro Manila, Cavite, Rizal and Batangas.
The company also controls University of Nueva Caceres in Naga City with 8,000 students, and is one of the oldest private schools in the Bicol region.
With the acquisition of NTC, AEI’s schools will have a total student population of around 34,000.
AEI is in the process of merging with listed iPeople, Inc., with the latter as the surviving entity. The expanded entity will combine the Yuchengco’s Mapua University with the Ayala’s growing portfolio of schools.
Mr. Zobel had said the intent is for both parties to reach an agreement after both parties failed to close the deal in the first quarter of 2018.
Shares in AC added P6 or 0.63% to close at P966 apiece on Monday. — Krista Angela M. Montealegre
