Metro Pacific to invest in De Los Santos hospital
MANILA, Philippines (UPDATE) - Investment management and infrastructure holding firm Metro Pacific Investments Corp. (MPIC), a unit of Hong Kong-listed First Pacific Investments Ltd. will soon add to its roster of local hospitals the De los Santos Medical Center chain via a capital infusion.
MPIC will be participating in the P250 million capital raising activity of De Los Santos General Hospital (DLSGHI), bulk of which will be shouldered by the Pangilinan-led conglomerate.
"MPIC will be injecting P193 million to obtain the 51 percent. Other shareholders will shoulder the balance of the required P250 million," said Augie Palisoc, Jr., MPIC Executive Director and President & CEO of the MPIC Hospital Group.
This move will make MPIC a majority owner in DLSGHI with a 51 percent stake.
MPIC's investment will go to the hospital's redevelopment, which will include increasing hospital rooms, doctors' clinics and parking slots, as well as upgrading operating rooms and medical equipment.
Palisoc, Jr. said there are a number of conditions that need to be fulfilled but is confident they can start making investments in De Los Santos Medical Center by the first quarter of 2013.
"We hope we will be able to contribute in perpetuating the legacy of Dr. Jose V. De Los Santos, Sr. by elevating DLSMC to new heights of quality healthcare, catering to the patients of Quezon City, primarily, and other neighboring areas," Palisoc said.
For his part, Dr. Jose V. De Los Santos, Jr., President & CEO of DLSGHI and representative of the De Los Santos family, said "As our different family members pursue other varied activities, we are happy to bring in as partners the largest private hospital chain in the country, as we know this can only be good for De Los Santos Medical Center and its patients."
Atty. Monico V. Jacob, President of investor Systems Technology Institute Inc. (STI), said MPIC will be a good partner in DLSGHI. "This will provide DLSMC with further hospital expertise, while we, at STI, will be able to focus on De Los Santos – STI College and our other educational institutions," he said.
Once the deal is completed, DLSGHI will be the 7th in MPIC's chain of hospitals in the country, bringing its total bed capacity to 2,000.
Earlier this year, MPIC completed its acquisition of Asian Hospital Inc. in Alabang, Muntinlupa.
The MPIC group also owns Makati Medical Center, and manages Cardinal Santos Medical Center in San Juan and the Our Lady of Lourdes Hospital in Sta. Mesa. Manila. It has also invested in Riverside Medical Center in Bacolod and Davao Doctors Hospital in Mindanao.