THE METRO Pacific group has sealed a deal to buy into the 300-bed Manila Doctors Hospital in Ermita, Manila, acquiring the 10th hospital in the group’s 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.
The stake was purchased from Metrobank Foundation Inc., the controlling shareholder of MMSI for P368 million. This deal starts a new era of partnership between Metrobank Foundation and Metro Pacific in Manila Doctors.
Metro Pacific Hospital Holdings Inc. bought 388,932 common shares of stock in MMSI, the disclosure said.
Manila Doctors Hospital is a 300-bed tertiary hospital located in the City of Manila with annual revenues of around P2 billion. The hospital is constructing a new 18-storey building that will house new doctors’ clinics, patient rooms, outpatient diagnostic services, and additional parking facilities. The new tower is targeted to be finished at end-2016, expanding Manila Doctor’s capacity to around 500 beds.
“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 chair and acting president of MMSI Antonio Abacan Jr. said.
“While we will try our best to contribute whatever we can to MMSI and MDH, we also look forward to learning from this esteemed medical institution,” Metro Pacific Hospital Holdings president and chief executive officer Augusto Palisoc Jr. said.