METRO Pacific Hospital Holdings Inc., the hospital arm of conglomerate Metro Pacific Investment Corp. (MPIC), on Tuesday said it has completed its acquisition of a minority stake in the company that owns Manila Doctors Hospital.
The company said it already owns 20 percent of Manila Medical Services Inc. (MMSI), owner of the hospital, after it bought shares from Metrobank Foundation Inc.
It said that stake is worth P368 million.
Manila Doctors is a 300-bed tertiary hospital in the heart of Manila with annual revenues of about P2 billion.
It is in the middle of an expansion program and is constructing a new 18-story building that will house new doctors’ clinics, patient rooms, outpatient-diagnostic services and additional parking facilities.
The new tower is projected to be finished by the end of 2016, increasing its bed capacity to about 500 beds.
Following the investment of Metro Pacific Hospital, two new directors will be appointed to the board of MPIC: Jose Ma. Lim and Augusto Palisoc Jr., president and CEO of MPIC Hospital.
“We are glad to have Metro Pacific, being the largest private-hospital operator in the country, as our new partner in Manila Doctors Hospital. We welcome Messrs. Lim and Palisoc to the board of directors of MMSI. With this landmark collaboration, I am confident that our services to our patients will be further enhanced and made more within reach,” Antonio Abacan Jr., chairman and acting president of Manila Medical, said in a statement. Manila Doctors Hospital is the 10th hospital investment of MPIC Hospital.
The conglomerate also signed an investment agreement on December 16 to acquire a 51-percent shareholding in a provincial hospital, the Sacred Heart Hospital of Malolos in Bulacan.
Upon the completion of the investment in Sacred Heart Hospital, MPIC will have a total of 11 hospitals with approximately 2,700 beds throughout the country.
There will be six in Metro Manila that include Makati Medical Center, Cardinal Santos Medical Center, Our Lady of Lourdes Hospital, Asian Hospital, De Los Santos Medical Center and Manila Doctors Hospital, and five in the provinces: Davao Doctors Hospital, Riverside Medical Center in Bacolod, Central Luzon Doctors Hospital in Tarlac, West Metro Medical Center in Zamboanga and Sacred Heart Hospital of Malolos in Bulacan.
In addition, the group also invested in a mall-based diagnostic and surgical center MegaClinic in SM Megamall, and has indirect ownership in two health-care colleges: Davao Doctors College and Riverside College Inc. in Bacolod.