KKR, GIC seal investment in MPIC Hospitals

Published December 9, 2019, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Metro Pacific Investments Corporation (MPIC), global investment firm KKR, and Singapore’s sovereign wealth fund GIC have completed investments in Metro Pacific Hospital Holdings, Inc. by KKR and an affiliate of GIC.

In a disclosure to the Philippine Stock Exchange, MPIC said these were made through a series of transactions in common shares in Metro Pacific Hospitals and in mandatorily exchangeable bonds issued by MPIC.

Proceeds from the sale of shares in the Company will be used to support Metro Pacific Hospitals’ potential investments in additional hospitals and new healthcare businesses.

The capital will also be used to grow the Company’s existing subsidiaries, associates, and joint ventures.

Metro Pacific Hospitals is the operator of the largest private hospitals and healthcare network in the Philippines in terms of authorized bed capacity and revenues, with interests in 14 hospitals and approximately 3,200 beds across the country.

The Company is focused on delivering high-quality healthcare solutions to patients at a time when more Filipinos are seeking premium medical services, driven by rising per capita incomes and rapid urbanization.

“We welcome KKR and GIC as investors who not only have established track records of helping healthcare companies to meet their growth ambitions, but also have full confidence in Metro Pacific Hospitals’ potential to provide even more critical healthcare services to patients across the Philippines,” said MPIC and Metro Pacific Hospitals Chairman Manuel V. Pangilinan.

Metro Pacific Hospitals President Augusto P. Palisoc Jr. added that, “With this new investment, coupled with the expertise that KKR and GIC bring to Metro Pacific Hospitals, we will be in an even stronger position to meet patients’ needs and capture new opportunities through organic expansion, acquisitions and investments, and the adoption of new technologies.”

Ashish Shastry, Co-Head of Asia Pacific Private Equity and Head of Southeast Asia at KKR, said, “We are excited to begin our work alongside this excellent team and look forward to supporting Metro Pacific Hospitals’ continued growth and development for healthcare providers and patients in the years to come.
KKR made its investment from its flagship Asian Fund III.

 
CLICK HERE TO SIGN-UP
 

YOU MAY ALSO LIKE

["business","business"]
[951341,3004943,3004914,3004700,3004741,3004738,3004707]