STI Holdings sells stake in pre-need firm, HMO

STI EDUCATION Systems Holdings, Inc. is focusing on its core business after unloading its stake in another company controlled by businessman Eusebio H. Tanco that has interests in pre-need and health care.

STI Holdings said in a disclosure to the stock exchange on Wednesday the board of its subsidiary STI Education Services Group, Inc. (STI ESG) approved the sale of a 20% interest in Maestro Holdings, Inc. in whole or in part, subject to compliance with all regulatory requirements for the disposal of said shares.

STI Holdings controls 98.66% of the issued and outstanding capital stock of STI ESG, which in turn, owns 1.28 million shares in Maestro Holdings, formerly STI Investments, Inc.

Maestro Holdings owns 100% of PhilPlans First, Inc., a company offering pre-need savings product focusing on education, retirement pensions and memorial services, as well as 99.78% of the issued and outstanding capital stock of Philhealthcare, Inc., a health maintenance organization (HMO).

Maestro Holdings also owns 70% of the issued and outstanding capital stock of Philippine Life Financial Assurance Corp., a company which provides financial services such as insurance, investment plans and loan privilege programs.

“The rationale for this disposition is to enable STI ESG to focus on its core business of offering educational services,” the listed firm said.

STI recorded a net income of P624.3 million in the nine months ending December 2016, on the back of a 15% jump in revenues to P2.1 billion in the same period.

Shares in STI climbed nine centavos or 6.21% to close at P1.54 apiece on Thursday.