PHINMA Corp. said it is buying shares of units owned by its mother company PHINMA Inc., consolidating the ownership into the listed holding company.
The company said it will be acquiring the shares of units PHINMA Education Holdings Inc., PHINMA Property Holdings Corp., PHINMA Hospitality Inc., PHINMA Microtel Hotels Inc. and ABCIC Property Holdings Inc. for P2.3 billion.
“This will lead to the consolidation of the group’s strategic business units under PHINMA Corp. while providing a vehicle to expand these core and emerging businesses,” it said.
“The acquisition would increase PHINMA’s ownership in the group’s education, property development, and hospitality businesses. This would expand PHINMA’s exposure to these high-growth sectors, improve the conglomerate’s diversification, and provide a more streamlined avenue to leverage synergies across the group going forward,” it added. – Ruelle Castro
