STI Education Systems Holdings Inc. increased its authorized capital for West Negros University from P100 million to P1 billion next year through equity, during a stock holders meeting yesterday.
Monico Jacob, STI chief executive officer and president, said that by increasing the authorized capital, they hope to strengthen WNU, make it more flexible and allow them to pour in more money to the institution in exchange for shares.
Aside from increasing the capital for WNU, the stock holders also agreed yesterday to put up a P200 million Basic Education Building behind the University gymnasium, Jacob said.
He said they have already hired an architect and hope to start construction by the second quarter next year.
Jacob said they are also pouring in P26 million for the enhancement of WNU’s information system, and another P24 million for refurbishing and various renovations of its buildings.
STI started negotiating with the Agustin Family in April this year for the purchase of WNU, but the deal was closed only in September this year.
Mark Molina, University Administrator, said they are happy because Wesnecans have adapted to the change of administration and become cooperative.
He said they would like to address other pressing concerns of the university, including the shortage of teachers, especially in English and Accountancy subjects. He said their recruitment team is already working on the acquisition of new teachers to meet this concern.
Meanwhile, students and alumni are being consulted on the plan to append “STI” to the present name of West Negros University, Jacob said.
He said a tuition fee increase has been approved but it is being deferred as STI focus for now is on finances of the school.
Jacob added that they are also studying how to improve their scholarship program.*APN