Makati—(PHStocks)—The Benitez family and the STI Group (PSE: STI) have announced that they have settled their differences through a dacion en pago arrangement of certain assets of Unlad Resources Development Corp.
The family, through Unlad, transferred its Quezon City and Davao properties to STI. Under the terms of the agreement, the Jose Abad Santos Memorial School (JASMS) will remain on the Quezon City campus along EDSA until the end of school year 2017, after which it will be moved to a new location.
Philippine Women’s University (PWU) will retain its Manila campuses on Taft Avenue and Indiana Street in Manila.
At the same time, STI representatives will resign from PWU, which will remain under the control of the Benitez family.
PWU President Dr. Francisco B. Benitez heralded the settlement as “a mandate to rebuild PWU and JASMS while remaining true to the educational legacy of our founders.”
He also disclosed that talks are underway to open new campuses outside Metro Manila in time for PWU’s centennial celebration in 2019.