Metro Pacific Hospitals Completes Investment by KKR
Metro Pacific Investments Corporation (“MPIC”) (PSE: MPI), global investment firm KKR, and GIC, Singapore’s sovereign wealth fund, today announced the completion of investments in Metro Pacific Hospital Holdings, Inc. ("Metro Pacific Hospitals" or the “Company”) by KKR and an affiliate of GIC (“GIC”). These were made through a series of transactions in common shares in Metro Pacific Hospitals and in mandatorily exchangeable bonds issued by MPIC.
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Proceeds from the sale of shares in the Company will be used to support Metro Pacific Hospitals’ potential investments in additional hospitals and new healthcare businesses. The capital will also be used to grow the Company’s existing subsidiaries, associates, and joint ventures.
Metro Pacific Hospitals is the operator of the largest private hospitals and healthcare network in the Philippines in terms of authorized bed capacity and revenues, with interests in 14 hospitals and approximately 3,200 beds across the country. The Company is focused on delivering high-quality healthcare solutions to patients at a time when more Filipinos are seeking premium medical services, driven by rising per capita incomes and rapid urbanization.
Manuel V. Pangilinan, Chairman of MPIC and Metro Pacific Hospitals, said, "We welcome KKR and GIC as investors who not only have established track records of helping healthcare companies to meet their growth ambitions, but also have full confidence in Metro Pacific Hospitals’ potential to provide even more critical healthcare services to patients across the Philippines. Today marks the start of a new and exciting chapter for Metro Pacific Hospitals.”
Augusto P. Palisoc Jr., President & CEO of Metro Pacific Hospitals, added, “The Philippine healthcare industry is poised for tremendous growth given the increasing demand for hospitals, clinics, and facilities that provide premium medical services. With this new investment, coupled with the expertise that KKR and GIC bring to Metro Pacific Hospitals, we will be in an even stronger position to meet patients’ needs and capture new opportunities through organic expansion, acquisitions and investments, and the adoption of new technologies.”