METRO Pacific Hospital Holdings Inc. (MPHHI), the hospital arm of Metro Pacific Investments Corp. (MPIC), has bought into a hospital in Malolos, Bulacan as part of its plan to invest in hospitals all over the country.
The Manny Pangilinan-led MPIC said MPHHI signed an investment agreement on Wednesday to acquire 51 percent stake of Sacred Heart Hospital of Malolos Inc. (SHHM) for P150 million.
The deal is expected to be completed in January 2016 upon the fulfillment of certain conditions indicated in the agreement.
The Malolos-based hospital is the 11th in MPHHI’s portfolio. This will add into MPHHI’s network of hospitals with more than 2,600 bed capacity to date.
The P150 million investment will mainly fund the expansion of the hospital’s facilities to cater to more patients and increase capacity as well as quality through acquisition of various medical equipment.
“While proud of our long history and modest growth from very humble beginnings, we know we can achieve more to serve our fellow Bulaceños with the help of a corporate group like Metro Pacific. Our family welcomes this new milestone in the life of our hospital as we venture to become a bigger player in Bulacan,” Alberto Reyes, SHHM founder, said in a statement.
“We thank the Reyes family for opening their doors to us and giving us this great opportunity to participate in the growth of this prestigious hospital,” MPHHI President Augusto Palisoc Jr. said in the same statement.
SHHM is a 47-year-old level two hospital which was established by surgeon Dr. Alberto C. Reyes and his wife Dr. Juanita G. Reyes, who is also an anesthesiologist.
MPHHI accounts for 3 percent of the profit and revenue of parent MPIC. In the first nine months of 2015, MPIC saw its net income rose by 28 percent to P8.2 billion from P6.5 billion a year earlier.