MPIC completes purchase of Asian Hospital

MANILA, Philippines - Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) has completed the purchase of 56.5 percent of the 219-bed Asian Hospital Inc. (AHI) in Filinvest Corporate City in Alabang.

 At the same time, MPIC has made a tender offer to acquire the remaining 842.45 million common shares or 43.5 percent held by the high-end hospitals minority shareholders.

 MPIC acquired a total of 1.094 billion shares from Thai hospital group Bumrungrad International Ltd. and Neptune Stroika Holdings Inc. for approximately P1.456 billion.

Asian Hospital will be the fourth hospital controlled by MPIC in Metro Manila after Makati Medical Center, Cardinal Santos Medical Center in San Juan and Our Lady of Lourdes Hospital in Sta. Mes, Manila.

 It also has investments in Riverside Medical Center in Bacolod and Davao Doctors Hospital.

 The purchase brings MPIC’s hospital network to over 1,800 beds nationwide.

“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,” MPIC said.

 Asian Hospital was organized in March 2002 with renowned Filipino heart surgeon Dr. George Garcia as founding chairman. It is one of the premier medical facilities south of Metro Manila and in Southern Luzon.

The private tertiary hospital is close to completing its 14-story second tower worth about P1.2 billion. Tower 2 will house an additional 144 beds (thereby increasing capacity to 363 beds), outpatient facilities, doctors’ clinics, food outlets and more parking spaces for customers.

 The new tower is part of the hospital’s two-phase expansion project aimed at bringing expanded services and better facilities to its growing customer base.

 MPIC is aiming to have a total of 15 hospitals and a 3,000-bed capacity throughout the archipelago over the next five years. This is in line with its goal to become a P10-billion company by 2016.