FAR Eastern University Inc. (FEU) on Monday said that it had signed a memorandum of agreement with Bataan Peninsula Educational Institution Inc., the operator of the University of Nueva Caceres-Bataan, for the acquisition of land and an equity stake in the institution.
In a disclosure, FEU said the deal involved the purchase of 76.92 percent of the land where Bataan Peninsula operates for P50 million, subject to the completion of certain closing conditions.
FEU said it would also subscribe to 39,500 shares in Bataan Peninsula for P106 million.
Upon completion of the transaction, FEU and the other landowners are expected to transfer the land to Bataan Peninsula in exchange for additional shares in the institution.
The company said the agreement formed part of an ongoing expansion in the education sector.
FEU shares on Monday slipped P1.50, or 0.19 percent, to close at P800.00 each.
