FAR Eastern University, Inc. (FEU) is set to acquire 34% of the outstanding capital stock of Good Samaritan Colleges, Inc. at a subscription price of P70 million upon the completion of all closing conditions.
In a disclosure on Thursday, FEU said that it signed an investment agreement with Good Samaritan Colleges for the acquisition of 77,273 shares. The shares were priced at P100 apiece, which was calculated using the earnings before interest, taxes, depreciation, and amortization of Good Samaritan Colleges.
Back on Aug. 16, FEU disclosed that its board of directors approved its equity investment in the college. The target educational institution offers junior and senior high school, tertiary, and graduate school education in Cabanatuan City, Nueva Ecija.
FEU is a majority shareholder of East Asia Computer Center, Inc., FEU Alabang, Inc., Far Eastern College Silang, Inc., FEU High School, Inc., and Roosevelt College, Inc.
It is a major shareholder of Fern Realty Corp., which helps FEU schools in their real estate requirements.
FEU also owns 51% of Edustria, Inc., a joint venture with the Technological Institute of the Philippines. The joint venture operates a high school under the same name in Lipa City and Malvar, Batangas.
On the stock exchange on Thursday, FEU shares declined by 3.55% or P19.50 to P530.50 apiece. — Justine Irish D. Tabile