MPIC may prune stake in hospital unit to 45%
Infrastructure conglomerate Metro Pacific Investments Corp. may be left holding a smaller stake in its hospital business if it pushes through with its plan to take its hospital group public.
In a regulatory filing, MPIC said it was looking at the possibility of reducing its shareholding in Metro Pacific Hospital Holdings Inc. to 45 percent by listing MPHHI on the stock exchange.
MPIC chief finance officer David Nicol said the group’s partner Government of Singapore Investment Corp. (GIC) also expressed its willingness to offer its shares in MPHHI.
GIC acquired 39.9 percent of MPHHI in 2014.
MPHHI is eyeing an initial public offering in 2019 to accelerate its expansion. It has grown its network to 14 hospitals with about 3,300 beds as of the end of October this year.
The group’s healthcare portfolio also includes Davao Doctors College and Riverside College in Bacolod, three primary care clinics, Megaclinic in SM Megamall Ortigas, TopHealth in SM San Lazaro and Una Konsulta in Bacolod, and a newly built cancer center in a joint venture with Lipa Medix in Batangas.