MANILA -- Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) is targeting to sell a percentage of its stake in the hospital business this year in a bid to raise funds for its expansion projects.
“I think we've indicated that we might do a partial divestment of our hospital,” MPIC Chairman Manuel V. Pangilinan told reporters Monday after its annual stockholders’ meeting.
Pangilinan bared that MPIC has been in talks with investment banks, noting they are looking at foreign strategic partners.
“So far, those who have expressed are mostly private equity funds. There have been some indications from hospital operators down the road as well,” he added.
Pangilinan noted the percentage of its stake in the hospital group they intend to sell is still “under discussion”.
“Depends on the percentage, it will be a significant sum. Because kumikita naman ospital so maganda growth (Because the hospital business is earning, growth is good),” he said of the amount they target to raise from selling stakes in the business.
MPIC President and Chief Executive Officer Jose Ma. Lim said “the targeted asset sell-down, together with the maximum safe use of leverage, should see us through the next wave of growth we are pursuing.”
Lim noted they are embarking on several new sustainable energy initiatives, while new toll road projects in the country are steadily moving ahead.
“In the next five years, Metro Pacific Tollways Corporation plans to spend approximately PHP104.3 billion to add approximately 84 kilometers of new toll roads to our network in the Philippines,” he said during the MPIC’s stockholders’ meeting. (PNA)
