Makati—(PHStocks)—Metro Pacific Hospital Holdings Inc. (MPHH), the hospital investment arm of Metro Pacific Investments Corp. (PSE: MPI), has signed an Investment Agreement with Sacred Heart Hospital of Malolos Inc. (SHHM), a 47-year-old respected institution in the capital city of Bulacan. Under the Agreement, MPHHI is investing PhP150 million in SHHM, for a 51% ownership.
SHHM is a level 2 hospital and was established in 1968 by spouses Dr. Alberto C. Reyes, a pioneering surgeon in Bulacan, and Dr. Juanita G. Reyes, an anesthesiologist. Dr. Alberto graduated from the University of the Philippines College of Medicine as a Bailon dela Rama Scholar in 1954 and topped the Medical Board examinations in 1961. He finished his residency training in surgery at the Reading Hospital in West Reading, Pennsylvania, in the United States. Dr. Juanita graduated from the University of Santo Tomas College of Medicine in 1955 and took her residency training in Internal Medicine at the Allentown Hospital, Allentown, Pennsylvania and Anesthesiology at the Youngstown Hospital in Youngstown, Ohio.
MPHH, on the other hand, is the largest private hospital chain in the Philippines with over 2,600 beds across 10 hospitals to date, of which 6 are in Metro Manila (Makati Medical Center, Cardinal Santos Medical Center, Asian Hospital, De Los Santos Medical Center, Our Lady of Lourdes Hospital, and Manila Doctors Hospital) and 4 outside (Central Luzon Doctors’ Hospital in Tarlac, Riverside Medical Center in Bacolod, Davao Doctors Hospital in Davao and West Metro Medical Center in Zamboanga).
Proceeds of the investment will fund the expansion of SHHM’s infrastructure to increase patient beds and to acquire various medical equipment.
“While proud of our long history and modest growth from very humble beginnings, we know we can achieve more to serve our fellow Bulaceños with the help of a corporate group like Metro Pacific. Our family welcomes this new milestone in the life of our hospital as we venture to become a bigger player in Bulacan,” announced Dr. Alberto Reyes.
“We thank the Reyes family for opening their doors to us and giving us this great opportunity to participate in the growth of this prestigious hospital,” said MPHH President Augusto Palisoc Jr.
This investment transaction is expected to be completed in January 2016 upon the fulfillment of certain conditions specified in the Agreement.