THE Insurance Commission (IC) has approved Singapore-based Fullerton Health Philippines Pte. Ltd. acquisition of two licensed health maintenance organizations (HMO).
The IC said in a statement on Thursday that it has okayed Fullerton’s acquisition of Asalus Corp. and Avega Managed Care, Inc. Asalus and Avega signed separate share purchase agreements with Fullerton Health, under which the foreign healthcare provider acquired 60% of the issued and outstanding capital shares in the local firms.
“[W]e expect that the entry of Fullerton Health would further enhance the managed healthcare services in the country,” Insurance Commissioner Dennis B. Funa said, adding that the existing management team of Asalus and Avega will continue to form the firms’ core leadership here.
Fullerton Health is a corporate healthcare provider founded in 2011. It owns more than 227 medical centers in seven countries and has a network of some 8,000 medical providers worldwide.
“The Philippines offers great growth potential for the company, and the potential synergies between our two businesses…will allow us to deliver increased benefits and services to even more corporates and patients across the country,” Fullerton Health Co-Founder and Group CEO Michael Tan Kim Song said in a statement. — K.A.N. Vidal