Shareholders OK merger of two iPeople schools
AYALA AND YUCHENGCO education holding firm iPeople, Inc. said the stockholders of its two schools have approved a merger, which will result in an institution with over 24,000 students.
iPeople said in a disclosure on Monday that the merger between Affordable Private Education Center Schools (APEC) and The National Teachers College (NTC) will have the latter as the surviving entity.
“The planned merger will allow us to better achieve our goal of transforming lives through innovative education and at affordable prices,” NTC and APEC Chairman Alfredo Antonio I. Ayala said in a statement.
Mr. Ayala said students from both institutions will benefit from the merger that will combine NTC’s track record with APEC’s teaching methods.
Pamela Q. Wu, executive vice-president of NTC said: “We will gain a lot from APEC’s modern approach, including its specialization in highly engaging blended learning.”
“The planned merger will be a big plus for our students who will now have a clear pathway to college with one of the leading higher education institutions in the University Belt,” APEC Chief Executive Officer Joie Lopez said.
“The planned merger is still subject to the filing of the relevant applications and obtaining the requisite regulatory approvals,” the company said.
These requirements include endorsement from the Commission on Higher Education and Department of Education and the approval of the Securities and Exchange Commission.
NTC was established in 1928 and was the first to offer collegiate programs dedicated to teacher education.
In the school year 2022-2023, NTC recorded a 24% growth in new enrollments from 2019 or before the pandemic.
Meanwhile, APEC was established in 2013 with the aim of affordable private education to high school students. It has 17 campuses in the National Capital Region, Rizal, Cavite and Batangas.
APEC achieved a 67% growth in new enrollees in school year 2022-2023 from its showing last year.
iPeople is an education group with around 60,000 students among its seven schools. It is under Ayala Corp. and House of Investments of the Yuchengco Group of Companies, which hold 33.5% and 51% stakes, respectively. — J.I.D. Tabile
