THE hospital unit of Metro Pacific Investments Corp. (MPIC) on Thursday said it started its move to acquire the remaining shares it does not own in Davao Doctors Hospital Inc.
Metro Pacific Hospital Holdings Inc. currently owns 34.82 percent of Davao Doctors, or 313,655 shares.
The company said it wants to own, through a tender offer, the remaining 587,154 shares at a purchase price of between P2,300 and P2,750 per share or acquiring the firm by as much as P1.16 billion depending on how many shares it can own.
Metro Pacific Hospital said that if it acquires less than 136,747 Davao Doctors’ shares, the purchase price shall be P2,300 per share.
If it acquires at least 136,747 but less than 286,881, its purchase price will be at P2,600 per share.
If the MPIC unit acquires at least 286,881 shares, the price will increase to P2,750 apiece.
The tender offer period shall be until 5 p.m. on November 19.
“SyCip Salazar Hernandez and Gatmaitan Law Offices shall act as the tender offer agent,” MPIC said in a statement.
Other hospitals in the Metro Pacific portfolio include Makati Medical Center, Asian Hospital and Medical Center, Cardinal
Santos Medical Center, Our Lady of Lourdes Hospital, De Los Santos Medical Center, Riverside Medical Center in Bacolod and Central Luzon Doctors Hospital in Tarlac.
The company’s portfolio consists of nine full-service hospitals; one mall-based diagnostic and ambulatory care center in SM Megamall; and two health-care colleges—Riverside College Inc. in the Visayas and Davao Doctors College in Mindanao.
The hospital group, however, was one of the lower contributors of MPIC in its income for last year.
For the first half of the year, the hospital group contributed P187 million, or 3 percent, of MPIC’s total core income of P5.9 billion in net income for the first six months of the year.
Aggregate core net income for the hospital group rose 24 percent to P565 million for the period as a result of increasing patient revenues, gains from completed capital expenditure programs and savings from
group synergy projects.