Published on 08 March 2013 [
manilatimes.net ]
Written by Madelaine B. Miraflor
The Manny
Pangilinan-led infrastructure holding firm, Metro Pacific Investments Corp.
(MPIC), is allocating P3.5 billion for hospitals investments, which involves
acquisitions of new hospitals, among others.
“In the
hospitals, we have allocated about P3.5 billion for new acquisitions or
additional ownership in existing hospitals,” Jose Ma. Lim, MPIC president and
chief executive officer, said.
Lim specified
that MPIC’s hospital group is currently in talks with other parties for new
deals within this year, adding that they may want to acquire hospitals in
provinces like Cebu.
“We need a
few in South Luzon, Central Luzon, we need additional one in Cebu,” Lim said.
He also said
that MPIC is looking to create its own vehicle for its hospital business.
“We’re
contemplating on that and [MPIC may consider it further] as soon as we get
enough critical mass on the hospitals,” Lim said.
“The
hospitals [business] are about 5 percent of our business, and we would like to
increase the number of beds as well as the ownership to our existing hospitals
to allow as to be a significant contributor,” he added.
P25-B for
other projects
Lim also said
that MPIC will allocate P25 billion for its upcoming projects, specifying that
the company is “well placed for all of the expansion projects.” He added that
these projects include the Private-Public Partnership projects that MPIC is
bidding for.
“We have
proceeds from the Marubeni transaction. The proceeds of this offering plus
credit facilities will give us a war chest of about P25 billion. That is quite
a substantial amount that we will have to invest first before we have any other
equity [fundraising],” Lim said.
He was
referring to the acquisition of a stake by Marubeni of Japan in Maynilad Water
Services Inc., which is also part of companies MPIC has a stake in.
Lim further
said that the P25 billion investment budget covers the expansion of the firm’s
tollway project and some investments in its water business, noting that the
“P25 billion war chest does not count debt that may be raised at subsidiary
level.”
“That is
really three projects—the harbor link, connector road and city link, then we
have key water projects within the franchise area and outside. We also got into
Subic and we intend to increase our stake in Subic,” he added.
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