The management of University of Nueva Caceres in Naga City is up for a change. This, after the Ayala Education, Inc. acquired a 60-per cent controlling interest in the premier and first university in the Bicol region.
The education investment arm of the Ayala Corporation now holds the majority of the seat of UNC’s board of directors under the newly appointed president Alfredo Imperial Ayala, also Ayala Education’s chief executive officer (CEO).
The 60 per cent controlling interest is equivalent to P450 million, giving the investment conglomerate’s Ayala Education its flagship educational institution under its helm.
It must be recalled that in April 2013, tbe Bicol Street Journal posted this story “Is the University of Nueva Caceres for Sale or Just a Rumor?” Now it can be confirmed that it is true, the school was for sale.