Far Eastern University (FEU) said it is investing P300 million for the acquisition of the assets of Colegio de Sebastian-Pampanga Inc., a secondary and tertiary school in San Fernando, Pampanga.
FEU said it has partnered with MGHI Holdings Inc., a member of the United Laboratories Inc. Group, which will also invest another P300 million for the acquisition.
FEU said no definitive agreement has been signed, pending the finalization of the documentation and discussions and the conduct of due diligence.
“We will make the necessary disclosures regarding the project as soon as further information becomes available,” it said.
In September, FEU said profit for its fiscal year 2023 ending May grew 24 percent to P1.87 billion from P1.5 billion last year.
Revenues increased by 20 percent to P4.94 billion from P4.13 billion. – Ruelle Castro
