FAR EASTERN University, Inc. (FEU) is increasing its stake in Edustria, Inc. through a P153-million investment.
In a disclosure to the stock exchange on Wednesday, the listed firm said its board of trustees has approved its additional subscription to 153 million shares with a par value of P1 each.
Edustria was incorporated last April through the joint venture partnership of FEU and the Technological Institute of the Philippines that will offer enhanced basic education in the Senior High School level.
FEU owned a 51% stake in Edustria at the time of its incorporation.
FEU’s net income attributable to the parent went down 1.23% to P384.64 million in the nine months ending February, amid a 23% increase in gross revenues to P2.47 billion.
Shares in FEU rose 1.12% or P10 to close at P900 each at the stock exchange on Wednesday. — Arra B. Francia