2014-07-17
MANILA, Philippines STI is set to reach yet another milestone as it is poised to have a university that will carry its brand name, this after the board of the West Negros University (WNU) approved last Wednesday an amendment to the schools Articles of Incorporation renaming the institution as STI West Negros University.
In a disclosure to the Securities and Exchange Commission sent last July 9, STI Holdings also said the amendment will be submitted for the approval of the stockholders of WNU during its annual meeting slated on July 25, 2014.
Mr. Monico V. Jacob, STI Holdings President, said that along with the change of name, University facilities will be upgraded and academic programs enhanced. The construction of new computer laboratories, upgrade and air-conditioning of classrooms, and the putting up of wi-fi zones in the campus are now being implemented.
Although WNU is set to be the first university to carry the name STI, it will in fact be the second university that STI Holdings has in its roster of schools. Prior to the purchase, STI Holdings also invested in UNLAD Resources Development Corporation which, in turn, manages the Philippine Womens University.
In the same SEC disclosure, STI Holdings said WNU played a part in the increase in the number of new students enrolled in the STI network of schools.
As of July 9, 2014, there were 35,167 new students enrolled within the STI Network of Schools (including West Negros University Corp) for the First Semester of SY 2014-2015 or 21.5 % increase over the same period last year, STI Holdings said.
Adding further to the schools STI Holdings owns are the three newly constructed STI campuses in Cubao, Calamba, and Batangas, which have already opened its doors to students this semester.
The Lucena campus is also expected to open in November this year.
The new schools being opened by STI are major components of its P5-billion expansion program, which in essence is being rolled out to construct new campuses and acquire new schools all over the country.
STI's expansion program is mostly fuelled by STI Holdings successful follow on offering in the Philippine Stock Exchange in 2012, which enabled the publicly-listed company to raise P2.6 billion. Last March, the company also disclosed that it signed a corporate notes facility agreement with China Bank worth P3 billion.
