FEU gets SEC nod on capital build-up to P2B, expansion underway

Far Eastern University (FEU) revealed on Friday that it has gained Securities and Exchange Commission (SEC) approval of the doubling of its authorized capital stock from P1 billion to P2 billion. FEU expanded recently to Cavite, where it opened its Silang campus and offers baccalaureate programs in Hotel and Restaurant Management, Tourism Management, Accountancy, Accounting Technology, and Information Technology. Last school year, FEU opened its Makati campus, where it has 913 students as per its latest quarterly financial report for the quarter ending June 30. In its disclosure to the Philippine Stock Exchange, FEU also said the SEC gave its nod to the university’s 40 percent stock dividend. The university’s total capital stock of P2 billion is divided into 20 million shares with par value of P100 per share. FEU shares closed at P1,160 per share when last traded on October 27. The Silang campus also has a Center for Continuing Education where technical-vocational culinary courses, housekeeping, resident care, and practical nursing. It also has an elementary school and high school. The university said it enrolled nearly 27,000 students in the first semester of School Year 2011-2012. “Net income after tax for the first quarter is P35.76 million reflecting an increase of P2.33 million compared to last year's P33.43 million. Net operating (educational) income decreased by P7.5 million but other income went up by P11.17 million," FEU said of its first quarter finances ending June 30, 2011. FEU is one of only three educational institutions listed in the PSE. The other two are Centro Escolar University (CEU) and iPeople Inc., which owns and operates Malayan Colleges (formerly Mapua Institute of Technology). — ELR, GMA News