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MPC readies hospital buyout

by Jenniffer B. Austria
[ manilastandardtoday.com ] February 28, 2012

Metro Pacific Investments Corp. said on Monday it plans to purchase more shares in Asian Hospital Inc. to complete its takeover of the Alabang-based hospital.

Metro Pacific told the stock exchange it would conduct a tender offer for the remaining 842.45 million common shares representing 43.50 percent of the total capital stock of Asian Hospital.

The tender offer was made after Metro Pacific had acquired 56.50 percent of Asian Hospital for P1.46 billion.

Metro Pacific said it had acquired directly from Thailand’s Bumrungrad International Limited and indirectly from Bumrungrad International Philippines Inc. and Neptune Stroika Holdings Inc. a total of 1.094 billion common shares in Asian Hospital.

“All the shares tendered shall be purchased by the bidder at the highest price per share paid for the AHI shares acquired from the sellers. The terms of the tender offer shall be announced separately after final determination thereof,” Metro Pacific said.

Asian Hospital, which began operations in 2002, is a 219-bed tertiary hospital in Filinvest Corporate City in Alabang founded by the renowned Filipino heart surgeon Jorge Garcia. It is currently building a 14-story second tower at cost of P1.2 billion.

Metro Pacific Hospital Group president and chief executive Augusto Palisoc said earlier the second tower would house additional 144 beds, increasing the hospital’s capacity to 363 beds.

Asian Hospital will be the sixth hospital of Metro Pacific in the country and the fourth in Metro Manila. It has previously acquired Makati Medical Center, Cardinal Santos Medical Center in San Juan and Our Lady of Lourdes Hospital in Sta. Mesa, Manila.
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