METRO Pacific Hospital Holdings Inc. (MPHHI), the holding company of Pangilinan-led Metro Pacific Investments Corp. (MPIC), is acquiring a 20 percent stake in the operator of Manila Doctors Hospital.
In a disclosure to the Philippine Stock Exchange, MPHHI said it signed a memorandum of understanding (MOU) with Metrobank Foundation Inc. for a 20-percent equity stake in Manila Medical Services Inc. (MMSI), the company that owns and operates Manila Doctors.
MMSI is controlled by taipan George Ty through an investment by Metrobank Foundation in 1979.
Manila Doctors is a 300-bed tertiary hospital along United Nations Avenue in Ermita, Manila and is one of the pillars of the Philippine healthcare industry.
This marks the 10th hospital for MPHHI. The transaction is subject to due diligence and execution of definitive agreements.
MPHHI hopes to complete the transaction before the year ends.
“We are grateful to Mr. Ty for welcoming us as a partner in their very well respected Manila Doctors Hospital with such a long history of delivering quality healthcare in the City of Manila,” Augie Palisoc Jr., president and chief executive officer of MPHHI, said.
For his part, MMSI Chairman and President Dr. Antonio S. Abacan Jr. said: “While Manila Doctors Hospital is currently doing very well, we are sure that working with the largest private hospital group in the country will further improve our services, especially now that we are in the middle of an expansion with the near completion of a new medical tower.”
One the transaction is complete, MPHHI is will have a network of 10 private hospitals with a capacity of about 2,600 beds.
The nine other hospitals in its portfolio are the Makati Medical Center, Davao Doctors Hospital, Cardinal Santos Medical Center, Riverside Medical Center, Our Lady of Lourdes Hospital, Asian Hospital, De Los Santos Medical Center, Central Luzon Doctors’ Hospital, and West Metro Medical Center.
MPHHI also runs a mall-based diagnostic center, MegaClinic in SM MegaMall, and two healthcare schools—Davao Doctors College and Riverside College in Bacolod.