Asian Hospital
MANILA, Philippines –Infrastructure holding firm Metro Pacific Investments Corp. has inked a deal to acquire the controlling stake of Thai hospital group Bumungrad in the upscale 219-bed Asian Hospital in Filinvest Corporate City, Alabang.
Based on a disclosure to the Philippine Stock Exchange, MPIC will pay around P1.46 billion to buy at least 57 percent of Asian Hospital’s equity following an agreement with Bumungrad and a subsequent tender offer for all the remaining shares held by the public.
This will be the sixth hospital in the growing network of premium hospitals controlled by the local unit of Manuel V. Pangilinan-led First Pacific group nationwide.
With this acquisition, the MPIC Hospital Group will have an excess of 1,800 beds throughout the Philippine archipelago.
MPIC Hospital Group president Augie Palisoc Jr. said the group was excited with its investment in Asian Hospital, one of the premier medical facilities in the country that is about to complete its 14-storey second tower which costs about P1.2 billion to build.
“Tower 2 will house an additional 144 beds, outpatient facilities, doctors’ clinics, food outlets and even more parking spaces for our customers. This gives us a platform to better serve the health needs of our countrymen in the south of Metro Manila and in Southern Luzon,” Palisoc said.
The expansion will thereby increase the capacity of Asian Hospital to 363 beds.
Under the deal, MPIC will take over control of at least 57 percent of the hospital’s shares by buying the following the following:
* 100 percent of the shares of Bumrungrad International Philippines Inc., which owns about 532.58 million shares of the hospital for P732 million;
* 100 percent of the shares of Neptune Stroika Holdings (40 percent of which is currently owned by Bumungrad) which owns about 473.15 million shares for about P601 million; and,
* 88.54 million shares for about P123 million.
The disclosure added that in accordance with the rules on mandatory tender offers, MPIC will announce later “at the appropriate time” its intention to conduct a mandatory tender offer for all the remaining Asian Hospital shares held by the public.
The details of said mandatory tender offer will be announced at the appropriate time.
The final shareholding of MPIC in Asian Hospital will depend on the results of the tender offer as the 57-percent control includes only the earlier mentioned blocks of shares.
Subject to satisfaction of certain conditions precedent to closing, these transactions are expected to be completed before the end of 2011, the disclosure said.
Asian Hospital will be the fourth hospital controlled by MPIC in Metro Manila after Makati Medical Center, Cardinal Santos Medical Center in San Juan, and the Our Lady of Lourdes Hospital in Sta. Mesa. Manila.
MPIC has also invested in Riverside Medical Center in Bacolod and Davao Doctors Hospital in Mindanao.