LISTED food and beverage store operator Fruitas Holdings, Inc. entered an agreement to acquire 100% of shares of its healthcare provider, Surehealth Multi-Specialty and Diagnostic Clinic Corp. to take advantage of the growing demand for healthcare services in the Philippines.
Fruitas will acquire 100% of Surehealth under the agreement, which will include its assets like medical equipment, specialized manpower, and a physical clinic at Sta. Mesa in Manila.
“The transaction is subject to execution of definitive agreements and closing is expected within two months. Consideration will be paid thru cash and is below 10% of the total assets and book value of Fruitas as of June 30, 2021,” the company said in a disclosure to the stock exchange on Monday.
Fruitas said its chief financial officer and treasurer, Juneil Dominic P. Torio, was “not involved in the evaluation of the potential acquisition” as his mother Maxima Torio is the president and a shareholder of Surehealth Clinic.
“The acquisition enables Fruitas to provide medical diagnostic services apart from the current products we offer,” Fruitas President and Chief Executive Officer Lester C. Yu said in a statement on Monday.
“We are extremely excited to enter the healthcare industry to further encourage a healthy lifestyle among our customers,” he added.
Surehealth, which was established in 2007, is a private medical and diagnostic clinic providing services for firms in the airline support industry, construction, and logistics through medical pre-employment packages, annual physical examinations, and medical laboratory tests for its clients’ work force.
It is also the listed company’s health service provider amid the pandemic.
“With Surehealth’s services, Fruitas has not had a single case of local transmission and had zero COVID-19 (coronavirus disease 2019) casualty since day one of the pandemic,” Mr. Yu said.
“Fruitas has also established its own quarantine and isolation facility to aid its work force during these trying times and we were successful against the dreaded virus.”
Fruitas shares closed unchanged at P1.35 apiece on Monday. — Keren Concepcion G. Valmonte