In its latest financial report, STI revealed its intention to purchase the PSBA Manila land and improvements located on R. Papa Street, Manila, after signing a term sheet early this year to acquire PSBA’s licenses, trademarks, and other school-related assets.
The opportunity to do so emerged after a third-party buyer offered to buy the PSBA Manila property last Sept. 23.
STI has a right of first refusal over PSBA’s properties, which means it is the preferred buyer when the assets are to be sold.
So, on Oct. 2, STI informed PSBA that it intended to exercise its right of first refusal over the PSBA Manila property under the same terms and conditions offered by the third party.
“As of October 11, 2024, STI Holdings has yet to receive the reply of PSBA,” STI said in a stock exchange filing.
Last May, STI also sealed an agreement to buy PSBA’s 3,000-square-meter lot on Aurora Boulevard in Quezon City.
Earlier this year, STI said it would take over PSBA’s operations in what it described as a “strategic move aimed at bolstering business and entrepreneurship education in the country.”
PSBA is one of the country’s premier business schools, offering a range of undergraduate and graduate programs, including Accountancy, Business Administration, and specialized MBA programs.
