MANILA, Philippines – Metro Pacific Hospital Holdings Incorporated, the healthcare investments arm of conglomerate Metro Pacific Investments Corporation (MPIC), is taking over Dr. Jesus C. Delgado Memorial Hospital in Quezon City.
This was after Metro Pacific infused additional P133.5 million into Delgado Clinic Incorporated via subscription to preferred shares.
Delgado Clinic owns and operates the Delgado hospital in Quezon City.
Metro Pacific told the local bourse that its subscription to preferred shares represents approximately 65% of the total expanded capital stock of Delgado Clinic.
Metro Pacific said the cash infusion will enable the 68-year-old Delgado hospital to upgrade its equipment and facilities and expand its capacity. (READ: Pangilinan-led MPIC now largest hospital operator in PH)
“We welcome the investment of Metro Pacific, the largest private hospital group in the country, into our hospital,” Violeta Delgado Cojuangco, a representative of the Delgado family, said in a statement.
“The Delgado family will stay as a significant shareholder of the company and will continue to participate in its growth and strategic plans through our directorships in the board of Delgado Clinic,” Cojuangco added.
Metro Pacific Hospital president and chief executive Augusto Palisoc Jr thanked the Delgado family for allowing the company to invest additional capital in their hospital.
“We hope to continue the fine services that JDMH has provided its patients and their families, and further expand its capacity and capabilities, building from its traditional roots into the best Women’s Health facility serving Quezon City and surrounding areas, always bearing in mind that we will try to live up to, and preserve, the legacy of Dr Jesus C Delgado,” Palisoc said.
Delgado Clinic also has appointed Rolando Balburias as president and general manager of Delgado hospital starting February 1, 2017.
Balburias earned his medical degree from the University of the East and a masters in business administration-health degree from the Ateneo de Manila Graduate School of Business.
MPIC currently has 13 hospitals under its portfolio. These are the Delgado hospital in Quezon City, Makati Medical Center, Cardinal Santos Medical Center, Sacred Heart Hospital, Our Lady of Lourdes Hospital, De Los Santos Medical Center, Manila Doctors, the Megaclinic, Asian Hospital and Medical Center, Davao Doctors Hospital, Riverside Medical Center in Bacolod, Central Luzon Doctors Hospital in Tarlac, and West Metro Medical Center in Zamboanga.
The conglomerate ventured into the hospital business in 2007.
To date, Metro Pacific has poured in more than P12 billion of capital expenditures into the hospital industry, with approximately 2,700 beds throughout the country.
MPIC has received offers from local and foreign banks to underwrite the maiden offering of its hospital subsidiary. If the plan pushes through, this would the first subsidiary of MPIC to be listed with the stock exchange.
MPIC’s tollway group, Metro Pacific Tollways Corporation, was previously listed with the Philippine Stock Exchange but was delisted in 2013 due to failure to comply with the 10% minimum public ownership requirement. – Chrisee dela Paz/Rappler.com