Established in 2005 by a group of business leaders, including senior executives from Hyatt Corp. in the US, Enderun offers a full range of bachelor’s degree and nondegree courses in hospitality management, culinary arts and business.
The school offers four-year bachelor’s degrees in International Hospitality Management, with majors in hotel administration and culinary arts and business management. It also offers short courses and certificate programs in baking, pastry and culinary foundation, customized hospitality and language classes.
Enderun has a student population of about 1,200 full-time college and certificate students, based on a regulatory filing by A. Soriano Corp. (Anscor), the biggest stockholder of this school with a 20-percent stake.
Another key stockholder is the Lao family which also controls D&L Industries, with a 10- percent stake. The JKTC Group of John Tiu Ka Cho is also among the 25 shareholders of Enderun.
Uy said he had yet to finalize things and could not discuss the details of the talks at this time.
Sources said Uy’s prospective investment in Enderun would still have to be scrutinized by the Philippine Competition Commission (PCC), the country’s antitrust body.
Merger and acquisition deals that exceed P1 billion in value are required to be submitted to the PCC, which is mandated to review the deals to ensure that they would not prejudice the interest of consumers.
It was not clear as of press time who or which of Enderun’s 25 individual and institutional shareholders would sell out.
Uy is the controlling shareholder and president of Phoenix Petroleum Philippines Inc., which is valued by the stock market at P15.2 billion. In partnership with the SM group, he recently took over leading logistics firm 2GO Group Inc. which has a market capitalization of P41.6 billion to date. The businessman’s Chelsea Logistics Corp. is currently working on an initial public offering of as much as P8 billion. The businessman’s holding firm Udenna Corp. has also obtained a provisional license from the state-controlled Philippine Amusement and Gaming Corp. (Pagcor) to develop a $300-million integrated gaming resort in Mactan, Cebu.
Based on its latest financial statement, Enderun has a P740.45-million balance sheet. Net income in the fiscal year ending May 2016 amounted to P90.64 million. Educational income amounted to P480.49 million, up by 11.7 percent year-on-year. Cash flow for the fiscal year amounted to P160.9 million, 15.6 percent higher year-on-year.
Enderun has been growing its ancillary educational offerings outside the College. One key driver has been its language training and tutorial business, as well as its language training camps offered to Korean and Japanese students, according to a report.
For calendar year 2016, Enderun paid cash dividends of P106.8 million, of which P21.9 million accrued to Anscor, which invested in the school in 2008.
