Bangkok--Oct 5--Bumrungrad Hospital
Bumrungrad Hospital Public Company, Ltd. has announced plans to acquire a major stake in the 258 bed Asian Hospital in the Greater Manila area of the Philippines. Bumrungrad International, the international division of the Bangkok based Bumrungrad Group, has reached agreement to purchase a 40% share of Asian Hospital and to assume responsibility for management of the two year old facility.
Opened in 2002, Asian Hospital (AHI) was the first major private hospital built in the Greater Manila area for over twenty five years. AHI is a modern, well-equipped medical facility with over 500 physicians on staff many of which are housed in a 145 suite medical office building adjacent to the hospital. AHI has a particularly strong reputation in cardiac care and heart surgery attracting patients from throughout the Philippines and the region.
“Asian Hospital is an outstanding institution and Bumrungrad is proud to be a part of its very exciting future,” commented Chai Sophonpanich, Bumrungrad’s Chairman. “This investment is part of Bumrungrad’s strategy to replicate its successful business model in Thailand through the management and acquisition of top hospitals in the Asian region. AHI is the obvious choice for investment in the Philippines.”
The US$ 9.2 million transaction includes the acquisition of an existing company in the Philippines which holds the largest portion of AHI shares and participation in an increase in AHI’s capital where Bumrungrad will invest up to 400 million pesos. The new funds from both Bumrungrad and existing investors totaling 600 million pesos (US$10.7 million) will be used to reduce debt and for investment in new technology for the hospital including the installation of the Global Care Solutions Hospital2000 integrated hospital information system successfully used at Bumrungrad Hospital, Bangkok.
The AHI hospital site includes land that will allow for the future expansion of the hospital bringing the total bed capacity to 500. Bumrungrad has the right to participate in the investment for this expansion.
“Asian Hospital is pleased to welcome Bumrungrad to the Philippines”, added Dr. George Garcia, AHI Founding Chairman and President of the AHI Medical Staff. “I can think of no better choice to help AHI reach its full potential as a major referral facility for the Philippines and the region. AHI’s excellent physicians and wonderful facilities are now joined by Bumrungrad’s established international management expertise. It is a winning combination.”
The acquisition is the first equity investment by Bumrungrad in a facility outside of Thailand and represents the first such investment by a Thai hospital company. Bumrungrad Hospital International (BHI) will have a long term management contract as part of the deal. Asian Hospital joins two other facilities currently under BHI management: Pun Hliang International Hospital, Yangon, Myanmar (opening 1st quarter 2005) and Square International Hospital, Dhaka, Bangladesh (opening 2nd quarter 2005). The transaction is subject to approval by the AHI shareholders and to various regulatory requirements, which should be completed by the end of the year.
About Bumrungrad
Bumrungrad Hospital is a listed company on the stock exchange of Thailand since 1989. Opened in 1980, Bumrungrad’s 554 bed hospital in Bangkok is Southeast Asia’s largest private hospital providing world class care to one million patients in the last twelve months from over 140 countries. Bumrungrad was the first hospital in Asia to be awarded the prestigious Joint Commission International Accreditation (JCIA) from the United States. Bumrungrad Hospital International, a business unit of the company, owns and operates hospitals in Thailand and abroad.
For further information
Bumrungrad Hospital Public Company
Press inquiries Kaorop Wongprasert
66 (0) 2667-1389
Investor Inquiries Dr. Yada Aparaks
66 (0) 2667-1280
Asian Hospital Incorporated
Inquiries Bernard Koval, CEO
63 2 876-5766 End.
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