MVP Group buys 54% of St. Elizabeth Hospital
Metro Pacific Investments Corp. has sealed its acquisition of a 54 percent stake in General Santos City-based St. Elizabeth Hospital Inc. (SEHI) for P177.9 million.
This marks MPIC’s third hospital investment in Mindanao in line with efforts to spur economic development in southern Philippines. The investment also brings to 14 the total number of hospitals under the group’s nationwide portfolio.
In a statement, MPIC said its unit Metro Pacific Hospital Holdings Inc. purchased 108,350 shares of SEHI from the Veneracion family for P 1,642.04 per share.
MPIC has an option to increase its stake in SEHl to 80 percent. The additional capital infusion will be used to expand and improve the hospital’s facilities and purchase the latest medical equipment.
SEHI is a 248-bed tertiary level hospital located along Santiago Blvd corner National Highway in General Santos City. It traces its roots to 1962 when Dr. Jesus C. Veneracion, Sr., fresh from his post-graduate training in General Surgery in St. Elizabeth Hospital in Chicago, Illinois, started a 25- bed hospital, the first in what was then called Dadiangas.
From then on, SEHI has continually expanded and upgraded its service capabilities. It was the first health care institution in the region to be ISO 9001:2008 certified.
“We wanted to work with no less than the biggest and the best in the industry in leapfrogging to the next level of growth for SEHI, which my parents nurtured into the top hospital in the city for the past 55 years. We have seen how MPHHI has not only preserved but enhanced the legacy of all the hospitals in its portfolio and how well they work with their shareholder partners. And so we are very confident that our vision of firmly establishing SEHI as the premier hospital in Region XII will soon be fulfilled.” said Antonio “Tony” G. Veneracion.
With the purchase, MPIC appointed MPHHI special projects director Celso Bernard “ Oslec” G. Lopez as president and CEO of SEHI. Tony, meanwhile, was named COO.
“We are confident that with this management team and SEHI’s excellent doctors and staff, SOCCSKSARGEN will soon have access to the best and most complete array of healthcare services,” said Augusto Palisoc, president and CEO of MPHHI.
MPHHI’s five other provincial hospitals are Davao Doctors Hospital, Riverside Medical Center in Bacolod, Central Luzon Doctors’ Hospital in Tarlac, West Metro Medical Center in Zamboanga, and Sacred Heart Hospital in Malolos, Bulacan.