Lopez firm expands healthcare business

MANILA, Philippines — First Philippine Holdings Corp. (FPH), the Lopez-led holding company, is strengthening its presence in the medical device business.

The company has completed the acquisition of a 100-percent stake in The Medical Services of America (MSA-Philippines) Inc. for P420.8 million following the signing of a share sale and purchase agreement in December.

MSA-Philippines, which operates a business supplying hospitals with medical device services, including medical personnel, will add to FPH’s Asian Eye Institute Inc. and Pi Health Inc.

“Along with Asian Eye Institute Inc. and Pi Health Inc., FPH aims to create services that will improve the ecosystem of healthcare providers in the country and, ultimately, the health and wellness of the Filipino population,” the company said in a disclosure yesterday.

The acquisition is expected to provide FPH a platform to add new service offerings to what MSA-Philippines offers now in the healthcare industry.

With the purchase, FPH will own the entire operations of Medical Services of America Inc., including brand equity, human capital, equipment and fixed assets, and the network it has built in the industry.

At present, MSA-PH is an operating domestic entity with two main product lines.

These are cardio-pulmonary equipment rental, supplies, and personnel and sale of medical equipment and supplies. It services hospitals all over the country.

Of the P420.8 million, eighty percent shall be paid upon closing, with a 20 percent retention for post-closing audit adjustments.

FPH’s major business segments are in power generation, real estate development, manufacturing, and construction and other services.

Its other activities consist of construction, geothermal well drilling, oil transporting, securities transfer services, healthcare, education, investment holdings and financing.

FPH’s subsidiaries include First Gen Corp., Batangas Cogeneration Corp., First Philec Inc., Rockwell Land Corp. and First Balfour Inc.