METRO Pacific Hospital Holdings Inc., the healthcare holding unit of the conglomerate, Metro Pacific Investments Corp. (MPIC), on Friday said that it has purchased a 93 percent controlling interest in Marikina Valley Medical Center (MVMC) for P933 million.
In a disclosure to the Philippine Stock Exchange, the company said it bought 469,077 shares of MVMC for P2,117.80 apiece, representing approximately 93 percent interest in the hospital, for a total of P933 million.
“We are very fortunate for this opportunity to acquire this most significant hospital in the high growth area of Marikina. We have always wanted to have a presence in the eastern side of Metro Manila, where the birth of new communities continues unabated. We hope to build on the success of MVMC and, together with their committed and highly qualified doctors and staff, grow this hospital further to be the premier and complete hospital of the East,” Augie Palisoc Jr., president and chief executive officer of MPHHI, said.
Palisoc said the acquisition resulted in the appointment of one of MPHHI’s existing senior officers, Lyle Joseph Morrell, to be the new president and chief executive officer of MVMC starting Monday, August 1.
Morrell has a track record in the Philippine healthcare industry. He obtained a Graduate Diploma in Health Policy from the University of Sydney School of Public Health before he joined the MPHHI group, Palisoc noted.
“I am confident that Lyle will be able to lead our medical professionals and staff to continue the excellent work that is happening at MVMC,” he added.
Marikina Valley is a prominent tertiary hospital along Sumulong Highway in Marikina, established by a group of 21 enterprising founders, mostly doctors of different specializations.
The hospital quickly grew to be the leading hospital on the eastern side of the National Capital Region.
In March, it completed the construction of a new seven-storey Medical Arts Building to house 44 new clinics for the hospital’s more than 270 accredited doctors.
The transfer of doctors to their new building will allow the hospital to immediately expand capacity to 140 beds, an intermediate step to eventually grow the hospital to 170 beds by next year.
The Marikina hospital joins Metro Pacific’s nationwide chain of hospitals, which started in 2007 with its first investment in premier Makati Medical Center.
MPIC’s hospital group has since infused P12 billion of capital expenditures into the hospital industry, mainly to expand and improve facilities and to purchase the latest medical equipment.
“The entry of Metro Pacific will allow Marikina Valley hospital to adapt to the new healthcare landscape and level up its quality of infrastructure, equipment and services to a premier level. The hospital will now be in a position to maximize its potential in serving as the leading hospital in this part of Metro Manila,” Juan Lagunzad, the outgoing president of Marikina Valley hospital, said in a statement.