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ASIAN Hospitals Inc. (AHI), the operator of Asian
Hospital and Medical Center in Alabang, will merge with its property
unit to simplify their legal structure and for efficiency and cost
effectiveness.
Documents submitted to the
Securities and Exchange Commission showed that AHI will combine with
Health Care Properties Inc. (HCPI), with the hospital operator as
the surviving entity.
The merger plans were approved by
the boards of the respective firms during meetings separately held
on March 8 this year.
HCPI is 100 percent owned by the
hospital operator and is engaged in ownership, improvement,
development, subdivision, sale, exchange, lease and holding for
investment of real estate of all kinds including buildings, houses,
apartments and other structures.
The property unit has assets of
P2.065 billion, liabilities of P2.497 billion and a capital
deficiency of P432.196 million. It incurred a net loss of P29
million at end-March this year.
AHI is engaged in the
establishment, maintenance, operation, ownership and management of
hospitals. Its Alabang hospital started operations on March 15,
2002, with a bed capacity of 253 and state-of-the-art medical center
located on a 17,258-square-meter campus. It has over 900 employees
and 160 outsourced staff.
--Likha C. Cuevas-Miel
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