Manny Pangilinan's hospital chain plans stock market debut
MANILA, Philippines – The hospital unit of Manny Pangilinan's Metro Pacific Investments Corporation is planning to debut on the stock market by November, the Securities and Exchange Commission said on Wednesday, September 4.
Metro Pacific Hospital Holdings Incorporated (MPHHI), which operates the largest hospital chain in the Philippines, is offering 35,821,919 common shares and a secondary offer of 381,271,010 common shares with an overallotment option of up to 40,771,095 common shares.
It will be listed on the main board of the Philippine Stock Exchange (PSE). (READ: Metro Pacific net income down by 9% in H1 2019)
At a maximum price of P182 per share, MPHHI expects to raise P6.5 billion from the primary offer.
The company said it will use the raised capital for investments in additional hospitals, cancer centers, clinics, and new health care businesses, as well as additional investments in its existing hospitals to support growth.
Assuming full exercise of the overallotment option, the total proceeds for the selling shareholder will be P75.1 billion.
The proposed offer period will be from November 18 to 22, while the listing date is December 2.
MPHHI operates some of the biggest hospitals in the Philippines, including the Makati Medical Center, Asian Hospital, and Cardinal Santos Medical Center. – Rappler.com