The healthcare holding company of Metro Pacific Investments Corp. said Thursday it completed the acquisition of a 54-percent stake in St. Elizabeth Hospital Inc. for P1.64 billion.
Metro Pacific Hospital Holdings Inc. acquired 108,350 shares in St. Elizabeth Hospital from the prominent Veneracion family of General Santos City.
MPHHI may also infuse additional capital in SEHI in the future to expand and improve its facilities and purchase the latest medical equipment that may increase its ownership to 80 percent .
SEHI is a 248-bed tertiary level hospital located along Santiago Boulevard corner National Highway in General Santos City.
“Our family is very pleased and excited to partner with MPHHI, the largest private hospital group in the country, and we welcome the Metro Pacific Group to General Santos City,” Antonio Veneracion, representative of the Veneracion family, said.
“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,” Veneracion said.
MPHHI president and chief executive Augusto Palisoc Jr. said: “We thank the Veneracion family for allowing us to invest in their hospital, and for their continued active participation in both the board and management of SEHI.”
SEHI brings to 14 MPHHI’s nationwide portfolio of hospitals. It was a decade ago when the group first invested in Makati Medical Center.
MPHHI has five other provincial hospitals including 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.
The company also owns Makati Medical Center, Asian Hospital, Cardinal Santos Medical Center, Manila Doctors Hospital, De Los Santos Medical Center, Our Lady of Lourdes Hospital, Marikina Valley Medical Center, and Jesus Delgado Memorial Hospital.
Completing MPHHI’s healthcare portfolio are two healthcare colleges”•Davao Doctors College and Riverside College in Bacolod, two primary care clinics Megaclinic in SM Megamall Ortigas and TopHealth in SM San Lazaro and a newly built cancer center in joint venture with Lipa Medix in Batangas.