MANILA, Philippines - Metro Pacific Investments Corp. (MPIC) has obtained the Securities and Exchange Commission’s approval to launch a tender offer for the 43.5-percent stake held by Asian Hospital (AHI) minority investors valued at P1.17 billion.
MPIC is offering to acquire 842.45 million shares of AHI at P1.3941 apiece. The tender offer will run from March 5 to April 19. Settlement date will start April 26.
The company recently completed the acquisition of 56.5 percent of the high-end 219-bed tertiary hospital located on Filinvest Corporate City in Alabang. The deal involved the purchase of a total of 1.094 billion AHI shares from Thai Hospital Group Bumrungrad International Limited and Neptune Stroika Holdings, Inc. for P1.456 billion.
Asian Hospital is the fourth hospital controlled by MPIC in Metro Manila after Makati Medical Center, Cardinal Santos Medical Center in San Juan, and the Our Lady of Lourdes Hospital in Sta. Mesa. Manila.
It also has investments in Riverside Medical Center in Bacolod and Davao Doctors Hospital in Mindanao.
The purchase will also bring MPIC’s hospital network to over 1,800 beds nationwide.
Established in March 2002, AHI is one of the premier medical facilities in the south of Metro Manila and in Southern Luzon.
AHI’s 14 storey Tower 2 is nearing completion. Estimated to cost around P1.2 billion, the second tower will make available an additional 144 beds (thereby increasing capacity to 363 beds), outpatient facilities, doctors’ clinics, food outlets and even 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.