METRO PACIFIC Hospital Holdings, Inc. (MPHHI) is taking a majority stake in the operator of a 100-bed hospital in Butuan, Mindanao.
Its listed parent Metro Pacific Investments Corp. (MPIC) told the stock exchange on Wednesday that MPHHI has completed a share purchase agreement with three families owning 576,257 shares in Santos Clinic Inc. (SCI).
The shares represent 67% of SCI, which owns and operates Manuel J. Santos Hospital (MJSH) in Mindanao.
MPHHI bought the shares from the Santos, Vesagas and Villareal families, which are heirs of the hospital founder Manuel J. Santos. The company offered to buy their shares at P563.77 each.
“We, the scions of Dr. Manuel J. Santos, are very pleased and excited to partner with MPHHI, the largest private hospital network in the country, and we welcome the MVP Group to Butuan City,” family representative Terence “Ompet” S. Vesagas was quoted in the statement as saying.
“We chose a partner that we know preserves and enhances the legacy of the hospitals in its portfolio… We look forward to increasing our footprint in Northeastern Mindanao and further continuing the mission of my late grandfather,” Mr. Vesagas added.
With the new Mindanao-based hospital, MPHHI has increased the number of hospitals in its portfolio to 15, joining the likes of Manila Doctors Hospital, Asian Hospital and Medical Center, Makati Medical Center, Cardinal Santos Medical Center and Davao Doctors Hospital.
“We thank the Santos, Vesagas, and Villareal families for allowing us to invest in their esteemed hospital, and for their continued active participation in both the Board and management of SCI,” MPHHI President and Chief Executive Officer Augusto P. Palisoc, Jr. was quoted in the statement as saying.
Earlier this week, MPHHI also announced completing the P35.3-billion investment of United States-based Kohlberg Kravis Roberts & Co. and Singapore fund GIC Private Ltd. in the company.
Part of MPHHI’s expansion plans is growing its hospital portfolio, subsidiaries, associates and joint ventures.
MPIC is one of three Philippine subsidiaries of Hong Kong’s First Pacific Co. Ltd., the others being PLDT, Inc. and Philex Mining Corp.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., maintains an interest in BusinessWorld through the Philippine Star Group.
Shares in MPIC at the stock exchange fell 48 centavos or 13.08% to P3.19 apiece on Wednesday. — Denise A. Valdez