STI Education acquires NAMEI Polytechnic schools

STI Education Services Group Inc. has acquired NAMEI Polytechnic Institute Inc. (NPII) and NAMEI Polytechnic Institute of Mandaluyong Inc. (NPIM) in a bid to expand its education portfolio.

In separate regulatory filings submitted by parent STI Education Systems Holdings Inc.’s corporate secretary Arsenio Cabrera Jr. on Thursday, the firm said it acquired 94 percent of NPII and 99 percent of NPIM.

NPII offers courses in Maritime Transportation and Marine Engineering and Naval Architecture, while NPIM offers primary and secondary education programs.

The acquisition of NPII will expand the tertiary course offerings of the schools network owned and operated by STI ESG, according to STI Holdings.

Meanwhile, the NPIM will increase the primary and secondary education offered by STI ESG.

STI Holdings said the acquisition is in line with its “approach to building new paths and creating more opportunities for the Filipino youth to break into the professional world.”

“The acquisition of NAMEI is a strategic move to boost the institution’s sought-after courses that emphasize academic excellence, and practical and industry-driven skills that will produce more world-class professionals in various fields particularly in maritime,” it said.

STI ESG will establish information technology programs for maritime such as networking and communications, cybersecurity, and IT maintenance and services to keep up with the “ever-changing” demands in the seafaring industry.

Citing data from the Philippine Statistics Authority and International Maritime Organization, STI Holdings said the Philippines is the world’s biggest source of seafarers with Filipinos accounting for about 380,000 of the 1.5 million seafarers worldwide.
Data from the Bangko Sentral ng Pilipinas showed Filipino seafarers remitted $1.94 billion in January to April of 2018.

STI ESG is acquiring 9,900 shares or 99 percent of NPIM and 47,133 shares or 94.27 percent of NPII.

“The purchase price of the NPII and NPIM shares is less than 10 percent of the total book value of STI Holdings as of 31 December 2018,” the company said.

The acquisition will be paid in full upon execution of the deed of absolute sale at an unspecified closing date as the deal needs necessary approvals—including the nod by the Commission on Higher Education. —Ted Cordero/VDS, GMA News