iPeople, inc., the education partnership between the Yuchengco and Ayala groups, is seeking to merge subsidiaries National Teachers College (NTC) and Affordable Private Education Center Schools (APEC).
In a disclosure to the Philippine Stock Exchange, iPeople said the shareholders and boards of directors of both NTC and APEC have approved the planned merger that will have NTC as the surviving entity.
The Planned Merger is still subject to the filing of the relevant applications and obtaining the requisite regulatory approvals, including the endorsement of the Commission on Higher Education and Department of Education, and the approval of the Securities and Exchange Commission of the merger application.
“The Planned Merger will result in the creation of an education powerhouse of over 24,000 students in K-12, College and Graduate School,” said iPeople noting that it owns 100 percent of both schools.
iPeople is one of the leading education groups in the country, with approximately 60,000 students in 7 schools, including Mapúa University. It is 51 percent owned by House of Investments of the Yuchengco Group and 33.5 percent by Ayala Corporation.
NTC is a leader in the field of teacher education and its performance in the Licensure Examination for Teachers has consistently been above the national passing rate.
APEC Schools was established to provide quality private education affordable for Filipino high school students, and has scaled up to become the largest chain of private stand-alone high schools in the country.
“The planned merger will allow us to better achieve our goal of transforming lives through innovative education at affordable prices,” said NTC and APEC Chairman Fred Ayala.
He added that, “Our high school students will benefit from the combination of NTC’s national reputation and 94 year track record of excellence in teaching, with APEC’s progressive teaching methods and focus on being educators of the digital future.”
NTC Executive Vice President Pam Wu added that, “We will gain a lot from APEC’s modern approach, including its specialization in highly engaging blended learning.”
“The planned merger will be a big plus for our students who will now have a clear pathway to college with one of the leading higher education institutions in the University Belt,” said APEC Chief Executive Officer Joie Lopez.