Phinma Sells Shares in SWU to Subsidiary
Makati—(PHStocks)—Phinma Education Holdings Inc., a wholly owned subsidiary of Phinma Corp. (PSE: PHN), acquired from Phinma 21,331 shares in Southwestern University (SWU) for PhP2.54 billion.
The acquisition was funded primarily by a long-term loan from Rizal Commercial Banking Corp. (PSE: RCB) and China Banking Corp. (PSE: CHIB) in the amount of PhP1.4 billion and PhP900 million, respectively.
Phinma Education is the holding company for PHN’s investment in educational institutions.