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Manila Bulletin devider Business devider The Stock Market devider Pangilinan: Metro Pacific Hospitals must expand to hit KKR, GIC price targets

Pangilinan: Metro Pacific Hospitals must expand to hit KKR, GIC price targets

Published Nov 19, 2025 03:04 pm
Metro Pacific Hospitals Corp. (MPHC) will have to ramp up its expansion program until its size is able to command the target divestment value of top shareholders Kohlberg Kravis Roberts & Co. (KKR) and Singapore’s wealth fund GIC Pte. Ltd.
Metro Pacific Investments Corp. (MPIC) Chairman, President, and Chief Executive Officer (CEO) Manuel V. Pangilinan said he is still not sure if they can re-acquire MPHC’s shares from the two funds, which it had divested six years ago.
KKR and GIC currently own 80 percent of MPHC, with KKR holding slightly more than half of the combined stake. MPIC holds the remaining 20-percent interest and needs a stake of just a little over 30 percent of MPHC to regain control of the company.
“We started... below their target. I’m meeting them [this] week. I’ll ask KKR... For now, what we’re hearing is that they’re not going to sell unless their target price is met. The market is open but they’re not listening,” Pangilinan said.
He said he’s speculating that, “If they decide to stay a few more years, for them to obtain the kind of target price that they want to sell the hospitals, that 80 percent [KKR together with GIC], then I would like to think they will ramp up the acquisition program.
“And I would like to think they’re not going to put any money into the equation. So, the hospitals will probably have to leverage, right? I’m allergic to debts. So I don’t know.”
He stressed, “I don’t know what their plans are. It’s none of our business. But, for them to hit their price target, you really have to expand.”
In the meantime, Pangilinan said it is business as usual for MPHC, and they will continue to acquire two to three hospitals a year.
In a previous interview, MPIC Chief Finance, Risk, and Sustainability Officer and MPHC Director Chaye Cabal-Revilla said regaining control over MPHC has always been the mandate of Pangilinan because that is his “baby,” starting with the acquisition of Makati Medical Center (MMC).
Cabal-Revilla said MPIC is looking at MPHC as the anchor for the Metro Pacific Health Group, which also includes digital healthcare platform mWell, “because we have bigger plans.”
It was earlier reported that KKR has been evaluating bids from TPG Capital and Blackstone that may value the company at about $3 billion, as reported by Mergermarket. It was also reported that MPIC has teamed up with a Japanese partner and has tapped JP Morgan as adviser.
MPHC currently controls 28 hospitals with a total of 4,569 beds as well as 36 outpatient centers. The company continues to be in an aggressive acquisition mode.

Related Tags

Metro Pacific Investments Corporation Metro Pacific Hospitals Corporation GIC Kohlberg Kravis Robers & Co. (KKR) Chaye Cabal-Revilla
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