CONGLOMERATE Metro Pacific Investments Corp. announced on Thursday it has acquired a 54 percent stake in a 248-bed tertiary level hospital in General Santos City for P177.9 million.
MPIC bought the controlling stake in St. Elizabeth Hospital, Inc. (SEHI) through its hospital unit Metro Pacific Hospital Holdings, Inc. (MPHHI).
The transaction involved 108,350 SEHI shares purchased at a price of P1,642.04 each.
“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 percent,” the conglomerate told the Philippine Stock Exchange.
The hospital is owned by the Veneracion family in General Santos City.
“Our family is very pleased and excited to partner with MPHHI, the largest private hospital group in the country, and we welcome the Metro Pacific Group to General Santos City,” Tony Veneracion, a representative of the family, said.
“We wanted to work with no less than the biggest and the best in the industry in leapfrogging to the next level of growth for SEHI, which my parents nurtured into the top hospital in the city for the past 55 years. 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,” he added.
For his part, MPHHI President and Chief Executive Officer Augusto Palisoc Jr. said residents of the Soccksargen Region “will soon have access to the best and most complete array of healthcare services.”
St. Elizabeth Hospital is the 14th hospital unit of MPHHI. It has five other provincial hospitals and another eight that are located in Metro Manila.