FAR Eastern University, Inc. (FEU) on Wednesday announced that it had forged a memorandum of understanding with the Good Samaritan Colleges, Inc. (GSC) in Cabanatuan City to acquire 34% of the latter’s total outstanding capital stock.
The partnership will “also allow both schools to partner together in expanding the educational offerings and operations of GSC,” FEU said in its disclosure to the exchange.
It said the memorandum, which was signed on March 8, expresses FEU’s intent to invest up to P70 million in GSC, a private educational institution.
The two parties will also work on a business program that will be offered to GSC students starting school year 2022-23.
“No other definitive agreements have been signed pending further discussions and the conduct of due diligence,” FEU said.
FEU operates Far Eastern University in Manila and is the majority shareholder of East Asia Computer Center, Inc.; FEU Alabang, Inc.; Far Eastern College Silang, Inc.; FEU High School, Inc.; and Roosevelt College, Inc.
The company also holds a 51% share in Edustria, Inc., a senior high school in Batangas, which it operates in partnership with Technological Institute of the Philippines, Inc., owner of the remaining 49%.
On Jan. 24, FEU signed a memorandum of agreement with the Ministry of Health of Brunei Darussalam, and Jerudong Park Medical Centre Sendirian Berhad, a private company in Brunei Darussalam.
The parties agreed to cooperate in the proposed joint venture, which will establish, manage, and operate a private nursing school in Brunei Darussalam.
Shares in FEU dropped a peso or 0.19% to close at P536 apiece on Wednesday. — Marielle C. Lucenio