Tanco mulls options for STI

MANILA, Philippines - Businessman Eusebio Tanco is looking at the prospect of injecting Systems Technology Institute (STI) into listed firm JTH Davies or opt to take the IT school public.

“We’re studying all options. The IPO (initial public offering) can still happen,” Tanco told reporters.

Tanco earlier said he was considering a backdoor listing for STI that could be done by merging the educational institution with JTH Davies.

Tanco assigned in favor of JTH Davies all of his rights, interests and obligations in newly-acquired Philippine Women’s University (PWU).

The STI Group has infused P450 million in PWU in exchange for a 40 percent stake in the latter. The Benitez family still owns the controlling majority 60 percent of PWU.

With this, JTH shall assume the P230-million loan of PWU with Banco de Oro.

Tanco said his group continues to be on the lookout for schools to acquire to further widen its presence. “Our plan is to put up 100,000 square meters of educational space in two years. We currently own 60,000 sqm,” he said.

He said the group is also building new campuses in Novaliches, which is twice the size of its facility in Global City; Caloocan, Cainta, Cagayan de Oro and Davao.

STI president and chief executive officer Monico Jacob said they are aiming to increase the university’s student population.

STI, founded in 1983, currently has over 100 college campuses around the country. It also has seven grade schools in Metro Manila and northern Luzon.