By Jenniffer B. Austria

The family of Health Secretary Francisco Duque is selling 70 percent of the University of Pangasinan for an undisclosed amount.

The buyer, Bacnotan Consolidated Industries Inc., said it is acquiring majority interest in one of the oldest and biggest universities in the province.

Bacnotan in a disclosure to the stock exchange said it has completed the initial transaction involving the acquisition of 519,750 million shares equivalent to 69.9 percent in UPang.

The shares are owned by Telequip Inc., a company controlled by the Health chief?s brother, Cesar T. Duque, as chairman of the board. The Duque family also controls the Lyceum of Northwestern Pangasinan in Dagupan City. UPang has a student population of 15,000, company records show.

Other major shareholders of UPang are Andres Jacinto, Lourdes Jacinto, Teresita Vistro and Dominador Rayos Jr.

The company hopes to close the deal by the second half of the year.

Bacnotan did not say how much it will pay for the shares.

UPang is the latest addition to the schools under the wings of Bacnotan Holdings, which operates Araullo University in Nueva Ecija and Cagayan de Oro College.

Bacnotan said its objective is to build a network of three to five universities and colleges all over the Philippines with a student population ranging from 50,0000 to 75,000.

UPang started operation in 1925 as the Dagupan Institute. It was founded by the late dean Francisco Benitez of the University of the Philippines, who became the chairman of the board of directors; the late Dr. Apolinario delos Santos, who was then president of the University of Manila; the late Dr. Mariano delos Santos, then dean of faculty of the University of Manila; Dr. Sylvestre Pascual; and the late Dr. Blas F. Rayos, then dean of the College of Education of the University of Manila.