Carret Private to acquire 20% stake in Maestro Holdings (Deal Street Asia)

Hong Kong-based Carret Private Investments Limited plans to acquire a 20 per cent stake in Maestro Holdings Inc, a Filipino financial services firm under the Tanco Group. STI Education Services Group Inc (STI-ESG), a subsidiary of Tanco Group, informed the local bourse on Thursday, July 27, of Carret’s intent to buy the stake in Maestro Holdings. “The rationale for this disposition is to enable STI ESG to focus on its core business of offering educational services,” the company said in its statement. Previously known as STI Investments Inc, Maestro Holdings provides financing, insurance, and financial planning services exclusively to Filipinos. It also offers pension, memorial, education, and savings plans. Maestro Holdings owns 100 per cent of the issued and outstanding capital stock of PhilPlans First Inc, a pre-need company as well as 99.89 per cent of the issued and outstanding capital stock of Philhealthcare Inc, a Health Maintenance Organization (HMO). The company also owns 70 per cent of the issued and outstanding capital stock of Philippine Life Financial Assurance Corporation, a company which provides financial services such as insurance, investment plans and loan privilege programmes.