MPIC to scale up hospital unit before listing
MANILA, Philippines – Diversified infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) is looking to scale up its network of hospitals before it considers listing it in the stock exchange.
MPIC president and CEO Jose Ma. K. Lim told reporters on Friday, March 8, that the conglomerate has earmarked P3 billion to 3.5 billion out of its P25 billion war chest in 2013 to expand its healthcare group.
“If we get enough critical mass in the hospitals we might [consider publically listing]. It is about 5% of our portfolio," Lim at a stockholders meeting on Friday March 8.
"We would like to increase the number of debt as well as the ownership of existing hospitals to allow it to become a more significant contributor,” he added.
MPIC’s hospital group currently holds the country’s largest chain of private hospitals.
The P3 billion budget will go towards new acquisitions and increased ownership in the existing hospitals under its network.
Under the budget, MPIC is looking to acquire four new hospitals with 200 or less beds in operation, adding to the group’s existing hospital portfolio of 2,000 beds.
In November, MPIC signed a deal to acquire 51% of the 150-bed De Los Santos Medical Center (DLSMC) in Quezon City for P250 million. DLSMC became the 7th hospital in MPIC’s total healthcare network and the 5th in Metro Manila.
MPIC also owns and controls Makati Medical Center, Cardinal Santos Medical Center in San Juan, Our Lady of Lourdes Hospital in Sta. Mesa, Manila. Riverside Medical Center in Bacolod and Davao Doctors Hospital in Mindanao.
According to Lim, more hospitals are needed in the provincial areas of North Luzon and Central Luzon as well as Cebu. - Rappler.com