IFC may extend $40m loan to finance acquisitions by Fullerton Health Philippines

Image sourced from Fullerton Health web portal

The International Finance Corporation (IFC), the private investment arm of the World Bank Group, has proposed to extend debt financing of up to $40 million to Fullerton Health Philippines Holdings Corp (FHPC) to support its acquisitions.

FHPC, a wholly owned subsidiary of Singapore-based Fullerton Healthcare Corporation, is acquiring a 60 per cent controlling stake in the Intellicare group of companies, a leading health maintenance organisation (HMO) company in the Philippines, with a membership base of over one million lives.

In its disclosure, IFC said, FHPC plans to establish a vertically integrated managed healthcare platform in the Philippines that will comprise Intellicare, as well as the rollout and acquisition of related healthcare providers.

As part of the proposed loan, the IFC said, it will share best practices in different areas of operations, including facilitating introductions within its network of healthcare clients.

“IFC’s long-term investment horizon suits the cash generation profile of FHPC, and the company values IFC’s intention to remain as a long-term investor,” IFC said.

The Philippines is an important market in Asia Pacific for Fullerton Health, underpinned by attractive growth drivers. Its acquisition of Intellicare is subject to the fulfillment of certain conditions and is expected to complete in early 2018

The Intellicare Group comprises three companies: Asalus, an HMO engaged in the delivery of managed healthcare services; Avega, a provider of third-party administration services to corporates; and Aventus, a chain of nine outpatient multi-specialty clinics.

In a statement announcing the proposed acquisition in December, Michael Tan, co-founder and group CEO of Fullerton Health, said the acquisition, which takes the company into its eighth country in Asia Pacific, reinforces its strategy of developing a strong presence in markets across the region.

“With a population of over 100 million people, the Philippines offers great growth potential for the company, and the potential synergies between our two businesses, together with our operational and technological capabilities, will allow us to deliver increased benefits and services to even more corporates and patients across the country,” Tan said.

 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.