- CEO is deciding on the plans after proposals from banks
- Hospital unit plans to expand with target of 4,000 beds
Metro Pacific Investments Corp., a Philippine company with investments from toll roads, water to power, is exploring a spinoff or initial public offering for its hospital unit after receiving proposals from banks.
The company is deciding if this is the right time for either transaction, President and Chief Executive Officer Jose Lim said in a mobile-phone message to Bloomberg News. Metro Pacific owns 60 percent of the unit, which operates and manages hospitals, nursing and medical schools, according to its website.
“We are continuing to build the hospital portfolio at this time,” Lim said.
The company said in August it’s considering cutting stakes in ventures including hospital and water companies to help fund road projects. The health-care unit is aiming to invest in more hospitals to expand the chain with a target of 4,000 beds, it said.
An IPO of Metro Pacific’s hospital unit would join other Southeast Asian operators including Malaysia’s IHH Healthcare Bhd. and Indonesia’s Mitra Keluarga Karyasehat and Siloam International Hospitals in raising funds from equity capital markets.