Singapore sovereign wealth fund GIC will buy a minority stake (US$84 million) in a company that runs eight hospitals in the Philippines, including Makati Medical Center, Asian Hospital and Cardinal Santos Medical Center.
A joint statement said GIC’s investment will give it a 14.4 percent stake in Neptune Stroika Holdings Inc., the hospital holding company of Philippine conglomerate Metro Pacific Investments Corp.
GIC also subscribed to bonds worth 6.5 billion pesos ($149 million) which could be exchanged for a further 25.5 percent in Neptune Stroika in the future under certain conditions.
Metro Pacific will use the bond proceeds to invest in its other businesses such as roads, power and water, the statement said.
GIC’s hospital venture comes two weeks after it announced a $77-million investment in the parent company of Philippine canned food producer Century Pacific Food Inc. as it seeks to boost its presence in the sprawling archipelago of 100 million people.
Story: AFP
Photo of Asian Hospital from their website.
