STI Education Services Group Inc. (STI ESG) said on Thursday that a Hong Kong-based firm has sent formal notice for the STI-brand school operator’s stake in its preneed business.
In a statement, STI ESG added it received a letter of intent (LOI) from Carret Private Investments Ltd. for the acquisition of the school-chain operator’s 20-percent stake in Maestro Holdings Inc.
Maestro Holdings owns 100 percent of the issued and outstanding capital stock of preneed company PhilPlans First Inc., as well as 99.89 percent of the issued and outstanding capital stock of health-maintenance organization Philhealthcare Inc.
Maestro Holdings also owns 70 percent of the issued and outstanding capital stock of Philippine Life Financial Assurance Corp., a company that provides financial services, such as insurance, investment plans and loan-privilege programs.
STI ESG said it authorized its Vice Chairman and CEO Monico V. Jacob to negotiate with Carret for the terms and conditions of the sale of its stake. The company added it hired Isla Lipana and Co. to conduct a third-party fairness opinion report.
The company said it is disposing its stake in Maestro Holdings “to enable STI to focus on its core business of offering educational services.”