STI Education Services Group Inc., a unit of STI Holdings Inc., has acquired NAMEI Polytechnic Institute, an educational institution that offers courses in maritime transportation and marine engineering and naval architecture.
STI Holdings said in a disclosure to the stock exchange it would house NAMEI in the newly constructed STI Academic Center Sta. Mesa along P. Sanchez Street, Sta. Mesa in Metro Manila.
The 10-story building, with an estimated value of P727 million, stands on a 3,691-square-meter property and can accommodate 9,000 senior high school and college students.
The new campus will be operational this school year 2019-2020 and is equipped with state-of-the-art facilities.
“We are very happy with the addition of NAMEI to STI ESG’s institutional roster,” said STI ESG president and chief operating officer Peter Fernandez.
“It is an opportunity for us to introduce exciting changes and transform NAMEI into an educational powerhouse whose students will bring pride not only to their alma mater but also to the country,” he added.
The group said the acquisition was a strategic move to boost the institution’s sought-after courses. The school provides practical and industry-driven skills that will produce more world-class professionals in several fields, especially maritime.
STI ESG, citing data from the Philippine Statistics Authority and the International Maritime Organization, noted that the Philippines was the world’s biggest source of seafarers, with Filipinos accounting for about 380,000 of the 1.5 million seafarers worldwide.
STI ESG said figures from the Bangko Sentral ng Pilipinas showed that the maritime industry was also a major contributor to the country’s economy. Filipino seafarers remitted $1.934 billion from January to April in 2018.
“A good number of Philippine maritime education and training institutes continue to hone the skills development of our seafarers. It is high time we complemented this with high-quality education to prepare a new generation of seafarers who are ready to join global cruise companies,” Fernandez said.
STI-ESG owns one of the largest networks of private schools in the Philippines.
STI Holdings posted a net income of P190.4 million in the first nine-months of 2018, down 39 percent from P311.6 million year-on-year.
