MANILA, Philippines – With the acquisition of Asian Hospital Inc., the Pangilinan-led Metro Pacific Investments Corp is now the largest hospital operator in the Philippines.
Asian Hospital is the sixth in the portfolio of hospitals under MPIC, a local unit of Hong Kong-based First Pacific Co. Ltd and sister company of telephone giant Philippine Long Distance Telephone Company. Both are led by businessman Manuel V. Pangilinan.
The other hospital investments of MPIC include:
- Makati Medical Center
- Cardinal Santos Medical Center in San Juan
- Our Lady of Lourdes Hospital in Sta. Mesa Manila
- Riverside Medical Center in Bacolod
- Davao Doctors Hospital in Mindandao
This latest purchase of MPIC brings over 1,800 hospital beds to the group’s portfolio.
MPIC had said that, in the next three to five years, it wants to create the first nationwide chain of hospitals with 3,000 beds, generating P10 billion in revenues.
The hospital group contributed P99 million to or 3% of MPIC’s profit of P2.658 billion in the first half of 2011.
Asian Hospital deal
In a disclosure to the stock exchange on Nov. 8, First Pacific said it reached an agreement with Bumrungrad International Ltd to acquire no less than 57% of Asian Hospital for P1.46 billion.
MPIC is expected to conduct a mandatory tender offer and offer the same deal price to minority shareholders of the hospital.
Asian Hospital commenced operations in 2002 and is a 219-bed tertiary hospital located in FilInvest Corporate City in Alabang, Muntinlupa.
“We are excited with our investment in Asian Hospital, one of the premier medical facilities in the country that is about to complete its 14-storey second tower which cost app. P1.2 billion to build,” said Augie Palisoc Jr, president and CEO of the MPIC Hospital Group.
Tower 2 will increase the hospital’s capacity to 363 beds, the outpatient facilities, doctors’ clinics, food outlets, and parking spaces. – Move.PH