MANILA, Philippines - The healthcare holding company of Metro Pacific Investments Corp. (MPIC) has acquired a 93 percent stake in Marikina Valley Medical Center (MVMC) for P933 million.
Metro Pacific Hospital Holdings Inc. (MPHHI) announced yesterday the completion of its purchase of some 469,077 shares of MVMC at P2,117.80 apiece.
“We now live in a world of integration, collaboration and connectivity. The entry of Metro Pacific will allow MVMC to adapt to this new landscape and level up its quality of infrastructure, equipment and services to a premier level. MVMC will now be in a position to maximize its potential in serving as the leading hospital in this part of Metro Manila,”MVMC president Juan Lagunzad said.
MVMC, which was established by a group of enterprising founders, mostly doctors of various specializations, is a prominent tertiary hospital along Sumulong Highway in Marikina.
It now joins MPHHI’s growing nationwide chain of hospitals, a foray it started in 2007 with an investment in Makati Medical Center.
MPHHI president and CEO Augie Palisoc Jr. said the company had “always wanted to have a presence in the eastern side of Metro Manila where the birth of new communities continues unabated.
“We hope to build on the success of MVMC and, together with their committed and highly qualified doctors and staff, grow this hospital further to be the premier and complete hospital of the East,” Palisoc said.
The MPHHI Hospital Group has poured in a total of P 12 billion in capital expenditures into the hospital industry, principally to expand and improve facilities and to purchase the latest medical equipment.
“By complementing the hospitals’ reputable doctors with MPPHI’s brand of professional corporate management, the group is able to optimize operating efficiencies,” MPHHI said.
MPPHI chairman Manuel V. Pangilinan aims to provide Filipinos all over the country with quality and affordable healthcare,” the firm added.