MANILA, Philippines - JTH Davies Inc., a publicly-listed company controlled by the group of businessman Eusebio Tanco, has approved amendments to its articles of incorporation which will allow it to invest and acquire real properties and any company or institution.
The move is seen as prelude to the backdoor listing of another Tanco-led company, Systems Technology Institute (STI).
Tanco was earlier reported to have said he was considering a backdoor listing for STI by merging the school with shell firm JTH Davies, or list the educational institution separately.
Last year, Tanco bought a 68-percent stake in dormant firm JTH from horse racing operator Philippine Racing Club Inc. The purchase of 210 million shares at P0.73 was executed through a special block sale at the Philippine Stock Exchange for a sum of P153.76 million.
The purchase by the Tanco Group of JTH was done through 60 percent-owned Capital Managers and Advisor Inc.
Founded in 1983, STI has a network of over 100 college campuses around the country. It also has seven grade schools in Metro Manila and northern Luzon.
For the year, STI expects enrollees to hit 67,000 to 68,000, from last year’s 65,000 in 65 campuses nationwide.
STI is looking to acquire a controlling stake in a major university in Metro Manila, which is believed to be the Philippine Women’s University as part of its ongoing expansion program.
Tanco also has interests in mining, pre-need products, port operations and gaming.