STI Divests Stake in Maestro Holdings
Makati—(PHStocks)—On 27 June 2017, the Board of STI Education Services Group Inc. (STI ESG), a 98.66%-owned company by STI Education Systems Holdings Inc. (PSE: STI), approved the disposition of its 20% stake in Maestro Holdings Inc. in whole or in part, subject to compliance with all regulatory requirements for the disposal of said shares. STI ESG owns a total of 1,281,482 shares in Maestro Holdings.
Maestro Holdings owns 100% of the issued and outstanding capital stock of PhilPlans First Inc., a pre-need company as well as 99.89% of the issued and outstanding capital stock of Philhealthcare Inc., a health maintenance organization (HMO).
Maestro Holdings also owns 70% of the issued and outstanding capital stock of Philippine Life Financial Assurance Corp., a company which provides financial services such as insurance, investment plans and loan privilege programs.
The rationale for this disposition is to enable STI ESG to focus on its core business of offering educational services.