By Leslie D. Venzon
MANILA, Dec. 16 (PNA) — Metro Pacific Hospital Holdings Inc. (MPHH), the hospital investment arm of infrastructure conglomerate Metro Pacific Investments Corp. (MPIC), is acquiring a 51-percent stake in Bulacan hospital for Php150 million.
In a disclosure to the Philippine Stock Exchange, MPIC said its unit signed an investment deal Wednesday with Sacred Heart Hospital of Malolos Inc. (SHHM).
Proceeds of the investment will fund the expansion of SHHM’s infrastructure to increase patient beds and to acquire various medical equipments.
MPIC said the investment transaction is expected to be completed in January 2016 upon the fulfillment of certain conditions specified in the agreement.
SHHM is a 47-year-old hospital and was established by spouses Dr. Alberto C. Reyes and Dr. Juanita G. Reyes.
MPHH, on the other hand, is the largest private hospital chain in the Philippines with over 2,600 beds across 10 hospitals to date, of which six are in Metro Manila and four outside.
“Our family welcomes this new milestone in the life of our hospital as we venture to become a bigger player in Bulacan,” said Dr. Alberto Reyes.
“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,” said MPHH President Augusto Palisoc Jr. (PNA)