A unit of Philippine conglomerate Metro Pacific Investments Corp (MPIC) has acquired a majority stake in St Elizabeth Hospital Inc (SEHI), a 248-bed tertiary level hospital in General Santos City for $3.4 million (P177.9 million).
MPIC disclosed its healthcare investments firm Metro Pacific Hospital Holdings Inc (MPHHI) completed the 54 per cent acquisition in SEHI on Thursday, October 5. It bought 108,350 shares priced at P1,642.04 per share.
The transaction was completed through the execution of deeds of absolute sale covering SEHI shares acquired by MPHHI. Price was determined by mutual agreement of the parties taking into consideration the profit earnings and net asset value of SEHI.
Expected economic benefits accruing to MPHHI will be in the form of accounting income, cash dividends, and appreciation in the value of the shares of SEHI.
“In the near future, MPHHI may infuse additional capital in SEHI to expand and improve its facilities and purchase the latest medical equipment that may increase its ownership to 80 per cent,” MPIC said in its statement.
Antonio “Tony” G. Veneracion, a representative of the Veneracion family, believes the partnership is aligned with their vision of leapfrogging to the next level of growth for SEHI.
“We have seen how MPHHI has not only preserved but enhanced the legacy of all the hospitals in its portfolio and how well they work with their shareholder partners. And so we are very confident that our vision of firmly establishing SEHI as the premier hospital in Region XII will soon be fulfilled,” Tony said.
Founded in 1962 by Dr. Jesus C. Veneracion Sr, SEHI started as a 25-bed hospital that continually expanded and upgraded its service capabilities. It claims to be the first health care institution in the region to be ISO 9001:2008 certified.
MPHHI’s acquisition of SEHI brings its portfolio of hospitals nationwide to 14.
MPHHI has five other provincial hospitals, such as Davao Doctors Hospital, Riverside Medical Center in Bacolod, Central Luzon Doctors’ Hospital in Tarlac, West Metro Medical Center in Zamboanga, and Sacred Heart Hospital in Malolos, Bulacan.
Completing MPHHI’s healthcare portfolio are two healthcare colleges Davao Doctors College and Riverside College in Bacolod, two primary care clinics Megaclinic in SM Megamall Ortigas and TopHealth in SM San Lazaro, and a newly built cancer centre in a joint venture with Lipa Medix in Batangas.