STI Education to divest stake in Maestro Holdings

STI Education Services Group. on Tuesday announced the plan to divest its non-controlling interest in Maestro Holdings Inc., to focus more on its core business of educational services.

In a filing on the local stock exchange, STI said its board approved the disposition of a 20 percent stake in Maestro Holdings Inc., comprising 1,281,482 shares.

The transaction is subject to compliance with regulatory requirements.

"The rationale for this disposition is to enable STI ESG to focus on its core business of offering educational services," the company said.

Maestro Holdings owns 100 percent of preneed company PhilPlans First Inc., and 99.89 percent of health maintenance organization (HMO) Philhealthcare Inc. It also owns 70 percent of Philippine Life Finance Assurance Corp.

STI owns 77 schools nationwide under the STI brand.

It also operates two iACADEMY, which specializes in animation and multimedia and digital arts, and the De Los Santos STI College, which focuses on health science and nursing. — Jon Viktor Cabuenas/VDS, GMA News