Posted on May
28, 2013 10:47:12 PM [ BusinessWorld Online ]
LISTED Far
Eastern University, Inc. (FEU) is readying its expansion, yesterday announcing
that it has acquired a land in the province of Cavite.
“FEU purchased a certain parcel of land with
an area of 1.6 hectares located at Barangay Biluso, Silang, Cavite from Moldex
Realty, Inc. for full amount of P40.22 million on May 27,” FEU said in a
disclosure.
“Such parcel
of land was acquired for purpose of future expansion,” the company said.
FEU said its
board of directors approved the acquisition during its meeting on Feb. 21.
Last
November, FEU said its board approved the creation of a new campus in Alabang
in Muntinlupa City, broadening the university’s presence to southern Metro
Manila.
FEU had
hinted plans of expanding south of Metro Manila after its board authorized last
July the purchase of a 2.2-hectare property in Filinvest City’s Woods District
(West) from developer Filinvest Alabang, Inc.
FEU,
established in 1928, is a private nonsectarian school with two campuses in
Sampaloc, Manila and Makati City, respectively, as well as three affiliates:
FEU East Asia College, FEU Fern College, and Far Eastern College Silang, Inc.,
the firm’s 2011 annual report showed.
In the first
semester of school year 2012-2013, FEU posted an 10.11% increase in student enrollment,
attributed to facilities improvements and new course offerings.
In addition,
the school implemented a 4.8% tuition increase for the school year, higher than
the previous school year’s 4.5% hike.
FEU almost
doubled its nine-month (April-December) net income to P275.63 million from
P142.50 million in year-ago levels on higher educational revenues.
Shares of FEU
were last traded on May 20 at P1,280. -- Cliff Harvey C. Venzon
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