By Zinnia B. Dela Peña
Philippine Star
A Soriano Corp. (Anscor), the investment holding firm of the Soriano family, is acquiring a 20-percent stake in a culinary and hospitality management school for $6 million.
In a disclosure to the Philippine Stock Exchange, Anscor said it has entered into a subscription agreement for the acquisition of 16.22 million new shares of Enderun Colleges Inc., a three-year-old institution that offers a full range of bachelor’s degree and non-degree courses in the fields of hospitality management, culinary arts and business administration.
Anscor said the acquisition would be funded by internally-generated cash.
Andres Soriano III, chairman of Anscor, said the purchase is in line with the company’s goal of strengthening its foothold in the growing services sector.
“We are excited about the prospect of re-establishing the Philippines as a center for educational excellence in the world, and proud that Enderun competes so favorably with the finest hospitality management schools in the US and Europe,†he said.
Enderun president Javier Infante, for his part, said the capital infusion from Anscor will allow the McKinley Hills-based school to provide students a higher quality of educational experience.
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