IPEOPLE, Inc. has secured the approval of the Securities and Exchange Commission (SEC) for the planned merger of the listed education holding firm’s two subsidiary schools.
In a stock exchange disclosure on Tuesday, iPeople said the SEC issued on Aug. 30 the certificate of filing of the articles and plan of merger of its subsidiaries National Teachers College (NTC) and Affordable Private Education Center, Inc. (APEC) Schools. The merger will take effect five business days after the certificate’s issuance.
According to iPeople, NTC will become the surviving corporation after the merger with APEC.
In December last year, iPeople disclosed that the stockholders of the two schools had approved the planned merger.
NTC and APEC President Alfredo Antonio I. Ayala said the merger will be beneficial for the students of both schools since it will combine NTC’s track record with APEC’s teaching methods.
“The planned merger will allow us to better achieve our goal of transforming lives through innovative education and at affordable prices,” Mr. Ayala said in a previous statement.
Established in 1928, NTC was the first to offer collegiate programs devoted to teacher education.
On the other hand, the APEC was formed in 2013 with the aim of affordable private education for high school students.
iPeople is an education company under Ayala Corp. and House of Investments, with shareholdings of 33.5% and 51%, respectively.
The company owns seven educational institutions. These are NTC, APEC, Malayan Education System, Inc. operating as Mapúa University, Mapúa Malayan Colleges Laguna, Mapúa Malayan Colleges Mindanao, Malayan High School of Science in Manila, and University of Nueva Caceres in Bicol.
On Tuesday, shares of iPeople at the stock exchange fell four centavos or 0.53% to finish at P7.47 apiece. — Revin Mikhael D. Ochave