Phinma Education Holdings Inc., a unit of listed firm Phinma Corp., is venturing into Indonesia.
Phinma said in a disclosure to the stock exchange said its education subsidiary would invest P278 million to acquire a 66-percent stake in a joint venture company that will manage tertiary institutions in Indonesia.
Under the joint venture agreement, Phinma Education and Tripersada Global Manajemen will form PT Ind Phil Managemen to manage tertiary institutions for Yayasan Triputra Persada Horizon Education, with the first facility located in West Java, Indonesia.
“Phinma Education will invest in shares of IPM in the amount of IDR74.45 billion [$5.3 million or P278 million) equivalent to 66 percent of the joint venture company,” Phinma said.
The investment marks Phinma Education’s entry into Indonesia which is in line with its regional strategy.
It said Indonesia, with a population of more than 260 million, provides the company with a new market to serve and a new source of income.