Mabuhay Holdings divests in S’pore health care firm

Mabuhay Holdings Corp. has divested its entire stake in Singaporean health care firm Ezyhealth Asia Pacific Pte. Ltd., the publicly listed investment firm said yesterday.

In a disclosure statement filed with securities regulators, Mabuhay said it has completed the sale of its 3.7 million shares in Ezyhealth, which owns and operates a health portal for medical, fitness and beauty-related products.

Mabuhay had purchased the shares in 2001 for P24 million. In connection with the investment, the holding firm also inked a memorandum of understanding with Ezyhealth for a joint venture company that will undertake a local Internet health care portal and communities for doctors and the public.

Mabuhay has real estate holdings in Tagaytay and Batangas. Its affiliate, Tagaytay Properties & Holdings Corp., is set to develop a 10-hectare lot overlooking Taal lake into a condominium and leisure complex.

Last year, Mabuhay reported a 130 percent jump in its net income, boosted by proceeds from the sale of its stake in two shipping subsidiaries. Despite the unfavorable investment scenario, profits of the company surged to P52.52 million compared with only P22.872 million the previous year.

Mabuhay is engaged in the acquisition and disposition of investments in securities, stocks, real and personal properties, and any kind of properties and of investments in other entities. Within this general framework, the company is empowered to commit its investible resources in pre-selected areas of investment, such as direct real estate investments, real estate equities, venture capital projects, listed and unlisted securities, and other investments.

Mabuhay’s current strategy is to concentrate its investment in four areas: infrastructure, basic industry, finance and properties. It has taken a significant stake in Magellan Capital Holdings Corp. which is involved in the development of three power stations: Pinamucan, Batangas; Rosario, Cavite; and Mactan, Cebu, with a total generating capacity of over 700 megawatts. – Zinnia dela Peña