The Manny Pangilinan-led infrastructure holding firm, Metro Pacific Investments Corp. (MPIC), recently included a Tarlac-based hospital in its portfolio, acquiring 51-percent stake in the province’s largest private hospital on Monday.
MPIC reported through a disclosure at the Philippine Stock Exchange that it has signed an investment agreement on Monday with Central Luzon Doctors’ Hospital (CLDH) in Tarlac.
This investment in CLDH, according to the group, will increase MPIC Hospital Group’s total bed capacity to 2,137 beds. CLDH, founded in 1962, is a 200-bed tertiary hospital.
Under the agreement, MPIC will infuse a total of P187 million in cash to obtain a 51-percent equity ownership in CLDH.
The amount of investment that MPIC will make in the hospital will be used to purchase major medical equipment and fund the implementation of an infrastructure development plan highlighted by the construction of a new building, which will have new operating rooms as well as additional patient beds and doctors’ clinics.
Augusto Palisoc Jr., president and chief executive officer of MPIC Hospital Group, specified that the investment marks the group first investment in a hospital in Luzon outside of Metro Manila.
“Through our contributions by way of fresh capital, professional management assistance and group synergies, we hope to further expand the capabilities of CLDH so that residents of Central Luzon in general, and Tarlac in particular, can continue to receive first-class health care right in their home province,” said Palisoc.
The investment agreement is subject to the fulfillment of certain conditions precedent, normal in transactions of this nature and is expected to be finalized sometime in the third quarter of this year.
Upon completion, CLDH will become MPIC’s eighth hospital investment following its acquisition of De Los Santos Medical Center (DLMSC) in June.
The acquisition, which then raised the group’s total bed capacity to 1,944 beds, involves a P250-million redevelopment plan.
Among the projects to be implemented for DLSMC are the renovation of the 39-year-old main hospital building that will increase and improve patients’ rooms; the upgrading of operating rooms and diagnostic centers and the acquisition of new medical equipment.
Madelaine B. Miraflor