Metro Pacific Investments acquires stake in Davao hospital

MANILA, Philippines - Metro Pacific Investments Corp. (MPIC) will acquire 34% of Davao Doctors Hospital, Inc. (DDH) for P498 million, as it continues to pursue the creation of the first nationwide network of hospitals. In a disclosure to the stock exchange, the company said it signed share purchase agreements with several shareholders of DDH Friday, who hold 34% of the hospital’s issued share capital. Melody M. del Rosario, assistant vice president for media and corporate communications, in a text message to BusinessWorld, said the stake represents 310,999 shares worth P1,600 per share. The transaction is expected to be completed by month’s end, MPIC said. Incorporated in 1966, DDH is one of the largest private hospitals in Davao City with 250 beds. It is considered the best medical facility in Mindanao. "Our investment in Davao Doctors is a significant step in realizing our desire to expand into the hospital business and help improve the delivery of health care services throughout the country," said MPIC Chairman Manuel V. Pangilinan in a statement. MPIC is an investment and management company with interests in water utility, real estate development and healthcare. The company presently holds 33.45% of Medical Doctors, Inc., the owner and operator of the Makati Medical Center. - Lovely Nica P. Lee, BusinessWorld