Metro Pacific adds Manila Doctors to its growing hospital network
The Metro Pacific group has sealed a deal to buy into the 300-bed Manila Doctors Hospital in Ermita, Manila, the 10th hospital in its growing healthcare portfolio.
In a disclosure to the Philippine Stock Exchange on Tuesday, infrastructure holding firm Metro Pacific Investments Corp. (MPIC) said its hospital unit had completed the acquisition of a 20-percent stake in Manila Medical Services Inc. (MMSI), owner of Manila Doctors Hospital, for P368 million.
Metro Pacific Hospital Holdings Inc. bought a total 388,932 common shares of stock, the disclosure read. The stake was purchased from Metrobank Foundation Inc., the controlling shareholder of MMSI.
Manila Doctors Hospital is currently a 300-bed tertiary hospital located in the city of Manila with annual revenues of about P2 billion. The hospital is constructing a new 18-story building that will house new doctors’ clinics, patient rooms, outpatient diagnostic services and additional parking facilities. The new tower is targeted for completion at end-2016, expanding the hospital’s capacity to around 500 beds.
“While we will try our best to contribute whatever we can to MMSI and Manila Doctors, we also look forward to learning from this esteemed medical institution,” Metro Pacific Hospital Holdings president and chief executive officer Augusto Palisoc Jr. said.
Palisoc is one of two directors from Metro Pacific who will be appointed to the MMSI board. The other representative is Jose Ma. Lim, president and chief executive officer of MPIC.
Metro Pacific also recently signed an investment agreement to acquire a 51-percent stake in Sacred Heart Hospital of Malolos (SHHM) in Bulacan. Including SHHM, all 11 hospitals under its network have a capacity of 2,700 beds.
Other hospitals under the Metro Pacific group include five in Metro Manila: Makati Medical Center, Cardinal Santos Medical Center, Our Lady of Lourdes Hospital, Asian Hospital and De Los Santos Medical Center. Four others are in the provinces: Davao Doctors Hospital, Riverside Medical Center in Bacolod, Central Luzon Doctors Hospital in Tarlac and West Metro Medical Center in Zamboanga. Doris Dumlao-Abadilla
