STI eyes 2 hospitals, 1 school

STI, one of the largest educational institutions in the country, is looking at acquiring two hospitals and one school in line with plans to further beef up its investment portfolio.

STI president and chief executive Monico V. Jacob said the two hospitals for possible acquisition will add 170 beds to its existing 257-bed network. One is located in Davao while the other is near Metro Manila.

A deal is expected to be closed next year, Jacob said.

The group is likewise setting its sights on a Manila-based educational center which offers mechanical and civil engineering courses.

“We’re listening to what the market is looking for. There is increased demand for engineering work in the Middle East and the US. Our thrust is to deepen our stake in education by owning schools,” Jacob said.

In 2006, STI acquired a significant stake in Delos Santos Hospital and folded it under the DLS-STI Medical Center. Plans include the establishment of satellite clinics in Metro Manila with the first one built in SM Megamall.

It also recently forged a management lease agreement with Fe Del Mundo Medical Center (FDMMC). Under the agreement, the joint venture will invest around P100 million to upgrade and refurbish the hospital, which includes the acquisition of a CT scan equipment, as well as the improvement of facilities such as the operating room, radiology department and computerization of FDMMC’s system.

The group is currently building a P250-million eight-story academic center in Bonifacio Global City in Taguig which will house a modern school, a research and development center and state-of-the art gymnasium.

Jacob said the group is also planning to acquire properties in key cities in the provinces for future sites of expansion.

The group’s expansion will be funded by internally-generated cash, Jacob said.

The company had planned to raise P1.5 billion from an initial public offering of shares but postponed it indefinitely due to the sluggish market conditions.