Metro Pacific buys 20% stake in Manila Doctors Hospital
MANILA, Philippines – Metro Pacific Investments Corporation’s hospital unit now has a 20% stake in Manila Medical Services Incorporated (MMSI), the parent firm of Manila Doctors Hospital.
In a disclosure to the stock exchange, Metro Pacific said Metro Pacific Hospital Holdings Incorporated (MPHHI) purchased a total of 388,932 common shares of stock in MMSI for P368 million ($7.824 million).
The shares were acquired by MPHHI from Metrobank Foundation Incorporated, the controlling shareholder of MMSI.
Manila Doctors Hospital is a 300-bed tertiary hospital in Ermita, Manila, with annual revenues of approximately P2 billion ($42.52 million).
The hospital is currently on an expansion program, constructing an 18-storey building to house new doctors’ clinics, patients' rooms, outpatient diagnostic services, and additional parking facilities.
The new building, which will increase the hospital's bed capacity to 500, is projected to be finished sometime towards the end of 2016.
Following the completion of the investment, Metro Pacific will get two board seats in the MMSI board.
“We are glad to have Metro Pacific, being the largest private hospital operator in the country, as our new partner in Manila Doctors Hospital and, likewise, welcome Messrs. Lim and Palisoc to the Board of Directors of MMSI. With this landmark collaboration, I am confident that our services to our patients will be further enhanced and made more within reach,” MMSI chairman and acting president Antonio Abacan, Jr said.
For his part, MPHHI president and chief executive officer Augusto Palisoc, Jr said that “while we will try our best to contribute whatever we can to MMSI and Manila Doctors Hospital, we also look forward to learning from this esteemed medical institution.”
Manila Doctors Hospital is the 10th hospital investment of MPHHI. Earlier this month, it also signed an investment agreement to acquire a 51% stake in the Sacred Heart Hospital of Malolos (SHHM) in Bulacan.
Upon the completion of the investment in SHHM, MPHHI will have a total of 11 hospitals with 2,700 beds throughout the country.
MPHHI has also invested in MegaClinic at SM Megamall, a mall-based diagnostic and surgical center.
In addition, it has indirect ownership in two healthcare colleges: Davao Doctors College and Riverside College Incoporated in Bacolod. – Rappler.com
$1 = P 47.03