Far Eastern University Inc. (FEU) said Thursday it finalized its joint venture agreement with Jerudong Park Medical Centre Sendirian Berhad over a plan to establish a nursing school in Brunei Darussalam.
FEU said in a disclosure to the stock exchange Thursday JPMC College of Health Sciences SDH BHD (JCHS), the joint venture company of JPMC and FEU, would establish, manage and operate a private nursing school in Brunei Darussalam.
JMPC will invest BND 3,300,000 (P131.3 million) for a 60-percent stake in JCHS, while FEU will contribute BND 2,200,000 (P87.53 million) for a 40-percent equity.
“The closing date will be 21 calendar days after the satisfaction of all conditions to closing; namely the execution of the technical management services agreement, and the issuance of all necessary third-party consents, approvals, waivers, and government permits,” said FEU.
FEU under the agreement will provide academic and technical management and other services to JCHS under a technical management services deal to be executed between JCHS and FEU.