Infrastructure conglomerate Metro Pacific Investments Corp. said Wednesday its hospital unit acquired a 67-percent stake in Santos Clinic Inc., the owner and operator of Manuel J. Santos Hospital in Butuan City, Agusan del Norte.
MPIC said in a disclosure to the stock exchange Metro Pacific Hospital Holdings Inc. acquired 576,257 shares in SCI owned by the Santos, Vesagas and Villareal families.
MPHHI also offered to purchase the shares of other SCI shareholders for P563.77 per share.
MJSH is a 100-bed level 2 hospital located along Montilla Boulevard corner National Highway in Butuan City. It was founded in 1933 by the late Dr. Manuel Santos and his wife, the late Amparo Lopez.
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,” said Dr. Terence Vesagas, one of the representatives of the partner families.
“We want to elevate further the healthcare services provided by MJSH by partnering with no less than the Metro Pacific Hospital Group. We chose a partner that we know preserves and enhances the legacy of the hospitals in its portfolio. We appreciate their thrust to always work with local stakeholders, understanding that a hospital will always be a local community’s anchor service.We look forward to increasing our footprint in Northeastern Mindanao,” Vesagas said.
MJSH started as a 12-bed hospital and has continually expanded and upgraded its service capabilities, serving not just Butuan but the whole of Agusan provinces, thereby establishing itself as the premier hospital of northeastern Mindanao.
MPHHI president and chief executive Augusto Palisoc, Jr. said Vesagas would continue as a director in SCI’s board and would also have a continuing and important management role as a chief operating officer.
The acquisition of MJSH brings to 15 MPHHI’s nationwide portfolio of hospitals.
