By James A. Loyola
PHINMA Education Holdings, Inc., a wholly-owned subsidiary of PHINMA Corporation, is expanding into Indonesia with an initial investment of P278 million.
In a disclosure to the Philippine Stock Exchange, PHINMA said PHINMA Education has signed a Joint Venture Agreement with Tripersada Global Manajemen to form PT Ind Phil Managemen (IPM).
IPM will manage tertiary institutions for Yayasan Triputra Persada Horizon Education, with the first located in West Java, Indonesia.
PHINMA Education will invest in shares of IPM in the amount of IDR74.45 billion (approximately US$5.3 million or P278 million), equivalent to 66 percent of the joint venture company.
PHINMA Education will remit IDR35 billion in February 2019 to fulfill the initial capitalization requirements of the JV Company.
“This investment represents PHINMA Education’s entry into Indonesia as part of its regional strategy. Indonesia, with a population of over 260 million, provides the company with a new market to serve, and a new source of income,” the firm said.
It added that, “this entry into the Southeast Asian market will strengthen PHINMA Education’s position in the education industry.”
Phinma Education is also eyeing Vietnam as its next venture in the education business in Southeast Asia after its recent venture into Myanmar.
Chito Salazar, Phinma Education President, earlier said the company is on the lookout for acquisition opportunities in Vietnam as well as Indonesia as the company expands its education business in the region.
“We really want to enter Vietnam and Indonesia. Hopefully by middle of 2019, preferably Vietnam first,” said Salazar.