MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved the merger of the education units of the Ayala and Yuchengco groups. In separate disclosures to the Philippine Stock Exchange (PSE), Ayala Corp. and House of Investments said the merger would take effect May 2. “The SEC approved on April 24 the plan and articles of merger executed by and between AC Education and iPeople Inc., with IPO as the surviving corporation,” the two companies said. The Philippine Competition Commission (PCC), the government’s anti-trust body, already gave the greenlight to the merger last year. The merger will include iPeople and its significant subsidiary, Malayan Education System Inc., which operates under the name of Mapua University, one of the country’s leading engineering and technical universities.

Source: Philippine Star April 25, 2019 16:50 UTC