The Del Rosario family's listed conglomerate Phinma Corp. is increasing its exposure in its core education, property and hotel businesses via a P2.8-billion share and asset purchase deal that comes amid the broader recovery of the economy.

Phinma's board approved the acquisition of parent firm Phinma Inc.'s shares in Phinma Education Holdings, Phinma Property Holdings, Phinma Hospitality, Phinma Microtel Hotels and ABCIC Property Holdings for P2.35 billion, a stock exchange filing on Friday showed.

The board also approved the P507-million acquisition of the parent firm's offices in Phinma Plaza, Rockwell Center in Makati City.

"The transaction is part of the consolidation of the group's strategic business units under Phinma Corp. and will expand Phinma Corp.'s exposure to these high-growth sectors," the company said in the filing.

The largest by value was its acquisition of the parent firm's 8.03-percent stake in Phinma Education, whose schools serve about 124,500 students, for P1.1 billion.

This will raise Phinma's stake in the education arm to about 75 percent.

It is also paying roughly P1 billion to acquire shares in Phinma Property Holdings and ABCIC Property Holdings, raising its stake in the two companies to 86.26 percent and 89.99 percent, respectively.

Shares in Phinma Hospitality Inc. and Phinma Microtel Hotels will be acquired for about P272 million. The conglomerate will end up owning 63.77 percent and 51 percent, respectively, in the firms mentioned.

Phinma Hospitality operates 14 Microtel by Wyndham Hotels and one TRYP Wyndham Hotel.

Phinma said in a separate filing that income during the first quarter of 2023 ended flat at P484.56 million while revenues expanded by 6 percent to P4.78 billion. —Miguel R. Camus INQ