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Friday, March 29, 2024

Metro Pacific completes purchase of Manila Doctors’ stake

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Conglomerate Metro Pacific Investments Corp. said its hospital unit completed the acquisition of a 20 percent stake in the Manila Medical Services Inc., the company that owns Manila Doctors Hospital in Ermita, Manila.

Metro Pacific said in a disclosure to the stock exchange Metro Pacific Hospital Holdings Inc. purchased 388,932 common shares of stock in Manila Medical for P368 million.

Metro Pacific Hospital acquired the shares from Metrobank Foundation Inc., the controlling shareholder of Manila Medical.

Manila Doctors Hospital is a 300-bed tertiary hospital with annual revenues of approximately P2 billion. 

The hospital is currently in the midst of an expansion program where it is constructing a new 18-story building that will house new doctors’ clinics, patient rooms, outpatient diagnostic services and additional parking facilities.

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The new tower is scheduled to be finished in late 2016, increasing the bed capacity to approximately 500 beds.

“We are glad to have Metro Pacific, being the largest private hospital operator in the country, as our new partner in Manila Doctors Hospital and, likewise, welcome Lim and Palisoc to the board of directors of MMSI. With this landmark collaboration, I am confident that our services to our patients will be further enhanced and made more within reach,” Manila Medical chairman and acting president Antonio Abacan Jr. said.

“While we will try our best to contribute whatever we can to MMSI and MDH, we also look forward to learning from this esteemed medical institution,” Metro Pacific Hospital president and chief executive Augusto Palisoc Jr. said.

Metro Pacific will get two board seats in the Manila Medical board. 

Manila Doctors Hospital is the 10th hospital investment of Metro Pacific Hospital.

Metro Pacific’s hospital group early this month signed an investment agreement to acquire a 51-percent shareholding in a provincial hospital, the Sacred Heart Hospital of Malolos in Bulacan. 

Upon completion of the investment in Sacred heart, Metro Pacific Hospital will have 11 hospitals with approximnately 2,700 beds throughout the country.

Six are of the hospitals are in Metro Manila (Makati Medical Center, Cardinal Santos Medical Center, Our Lady of Lourdes Hospital, Asian Hospital, De Los Santos Medical Center, and Manila Doctors Hospital) and five in the provinces (Davao Doctors Hospital, Riverside Medical Center in Bacolod, Central Luzon Doctors Hospital in Tarlac, West Metro Medical Center in Zamboanga, and Sacred Heart Hospital of Malolos in Bulacan). 

Metro Pacific Hospital also invested in a mall-based diagnostic and surgical center MegaClinic in SM Megamall, and has indirect ownership in two healthcare colleges—Davao Doctors College and Riverside College Inc. in Bacolod.

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