Phinma sets up school in Indonesia

Phinma Corp., the listed holding company of the Del Rosario family, is expanding in Indonesia.

Its education arm, Phinma Education Holdings Inc. is making its foray in Indonesia as part of its regional strategy.

The move will provide the Phinma Group a bigger educa- tional network and income.

“Indonesia, with a population of over 260 million, provides the company with a new market to serve, and a new source of income,” Phinma Corp. said.

Phinma Education has entered into a joint venture with Tripersada Global Manajemen to form PT Ind Phil Management.

The joint venture will be managing educational institutions for Yayasan Triputra Persada Horizon Education, with the first located in West Java, Indonesia.

Phinma Education will invest in $5.3 million worth of IPM shares starting this month. This will be equivalent to 66 percent of the joint venture company.

Apart from education, Phin- ma has investments in the steel, housing, business process outsourcing and energy sectors.

Just recently, the Phinma Group finalized the sale of its power business to Ayala Corp. for P6 billion.

The two conglomerates have signed the investment agreement last Friday for AC Energy’s acquisition of 51.48 percent of Phinma Energy.