LISTED Metro Pacific Investment Co. (MPIC), the flagship Philippine company of Hong Kong-based  conglomerate First Pacific Co. Ltd., is looking at boosting assets in health services this year buoyed by cash from the recent sale of a portion of its stake in high-end property developer Landco Pacific Corp. said its top official on Wednesday.

At the sidelines of Philex Mining Corp.’s shareholder’s meeting, MPIC chairman Manuel V. Pangilinan said funds generated from the sale will most likely be used to buy provincial hospitals similar to its P400-million investment in Davao Doctors Hospital Inc. in May last year.

“We will [likely] invest [the funds] back to our health-care [business],” said Pangilinan, “like Davao Doctors, or [another] hospital in the province.”

He did not provide further details but said a deal may be completed within the year.

Last week, the company announced that it reached an agreement with AB Holdings Corp for the latter’s purchase of its 17-percent stake in Landco, leaving MPIC with a minority stake of 34 percent.

In a statement, Landco said the MPIC shares worth P203 million will be paid in the form of assets within this year.

MPIC said it has decided to focus on businesses related to infrastructure, utilities and health care, hence its decision to sell a significant portion of its equity interest in the developer. MPIC added that it continues to see potential in the real-estate developer and this is the reason for its decision to retain minority stake.

During the same event, Pangilinan expressed his interest to increase First Pacific’s stake in Philex, which he said, will continue to be the main vehicle for the Hong-Kong conglomerate’s entry into the country’s lucrative mining sector. He said the increase, if any, will depend on the mining company’s financial requirements, which is still solid at this point.

Pangilinan currently serves as managing director at First Pacific. “Yes, we would like to increase [our investment in Philex] if we can,” he said.

Late last year, First Pacific purchased a 20-percent stake in Philex for P6.2 billion, earning Pangilinan a seat as a director in the Philex board.