Investment firm KKR, and an affiliate of GIC, Singapore’s sovereign wealth fund, have completed their investments in Philippines-based Metro Pacific Hospital Holdings.

KKR made its investment from its flagship Asian Fund III.

Financial details of the transaction have not been disclosed.

These investments were made through several transactions in common shares in Metro Pacific Hospitals and in exchangeable bonds that were issued by Metro Pacific Investment Corporation (MPIC).

Proceeds from the share sale in MPIC will be invested by Metro Pacific Hospitals in opening additional hospitals and new healthcare businesses.

Furthermore, MPIC plans to use the capital to grow its existing subsidiaries and joint ventures.

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By GlobalData

Metro Pacific Hospitals operates a  large network of private hospitals in the Philippines. It has interests in 14 hospitals and around 3,200 beds across the country.

Filipinos are increasingly seeking premium medical services due to growing per capita incomes and rapid urbanisation, and the company claims to provide quality healthcare solutions to cater to this growing demand.

MPIC and Metro Pacific Hospitals chairman Manuel V Pangilinan said, “We welcome KKR and GIC as investors who not only have established track records of helping healthcare companies to meet their growth ambitions, but also have full confidence in Metro Pacific Hospitals’ potential to provide even more critical healthcare services to patients across the Philippines. Today marks the start of a new and exciting chapter for Metro Pacific Hospitals.”

Metro Pacific Hospitals president and CEO Augusto P. Palisoc Jr. added: “The Philippine healthcare industry is poised for tremendous growth given the increasing demand for hospitals, clinics, and facilities that provide premium medical services. With this new investment, coupled with the expertise that KKR and GIC bring to Metro Pacific Hospitals, we will be in an even stronger position to meet patients’ needs and capture new opportunities through organic expansion, acquisitions and investments, and the adoption of new technologies.”

KKR Southeast Asia head and co-head of Asia Pacific Private Equity Ashish Shastry said, “Metro Pacific Hospitals is a world-class healthcare institution with a terrific team of doctors and medical practitioners who play a critical role in the lives of millions. We are excited to begin our work alongside this excellent team and look forward to supporting Metro Pacific Hospitals’ continued growth and development for healthcare providers and patients in the years to come.”