Zobel-led Ayala Corporation has increased its stake in iPeople Inc., its partnership with the Yuchengco Group in the education sector, by acquiring the interest of A. Soriano Corporation (Anscor).

In a disclosure to the Philippine Stock Exchange, Ayala said it has executed with Anscor a Share Purchase Agreement for the purchase of additional 29.2 million shares in iPeople for P351 million in cash.

Anscor’s shares are equivalent to a 2.8 percent stake in iPeople and, post-closing, Ayala’s interest in iPeople will increase to 36.3 percent.

“After all conditions precedent have been satisfied including regulatory approval, the special block sale of the iPeople shares will be carried out through the Philippine Stock Exchange,” Ayala said.

iPeople, inc. (IPO) is the holding company under House of Investments, Inc. (HI) and the Yuchengco Group of Companies and Ayala that drives investments in the education sector.

Formerly known as Petrofields Exploration and Development Co., Inc., the Company was incorporated on July 27, 1989 by Benguet Corporation to engage in petroleum and mineral exploration, development, and production and operated as such until 1997.

Under HI, the Company changed its name, primary purpose and focused its investments in education.

iPeople, together with HI, wholly owns and operates its main subsidiary, Malayan Education System, Inc., which operates under the name of Mapúa University. Mapúa University has its main campus in Intramuros, Manila and an extension campus in Buendia, Makati.

Mapúa University also has three wholly-owned operating schools, the Malayan Colleges Laguna (A Mapúa School), Inc., Malayan Colleges Mindanao, Inc. and the Malayan High School of Science, Inc.

Malayan Colleges Laguna is located in Cabuyao, Laguna and was established to extend the Mapúa brand to the south by offering programs in engineering, computer science, information technology, business, accountancy, and hotel and restaurant management.

Malayan Colleges Mindanao is located in Davao and started school operations on July 2, 2018. Malayan High School of Sciences is a Science- and Math-oriented high school located in Pandacan, Manila and is modeled after similar but publicly funded-science high schools.

On May 2, 2019, the Company merged with AC Education, Inc., the wholly-owned education arm of Ayala Corporation, with IPO as the surviving entity.

As a result, the Company acquired three additional operating subsidiaries: National Teachers College, University of Nueva Caceres, and Affordable Private Education Center, Inc., which is doing business under the name of APEC Schools.