Metro Pacific Investments Corporation (“MPIC”), Singapore’s sovereign wealth fund GIC and global investment firm KKR, revealed that they would be signing a definitive agreement under which an affiliate of GIC and KKR will invest in Metro Pacific Hospital Holdings, Inc. through a number of investments made in mandatorily exchangeable bonds and common shares.
According to reliable sources, KKR-led consortium will subscribe to 41,366,178 new common shares of worth Php 5.2 billion (around US$ 100.0 million) and would invest a sum of Php 30.1 billion in mandatorily exchangeable bonds which would be offered by MPIC.
Accordingly, the proceeds from the share’s sale are expected to be utilized to support the Metro Pacific Hospitals’ investments in new healthcare businesses and additional hospitals. Moreover, it will also fuel the growth of the company’s remaining associates, joint ventures and subsidiaries.
Speaking on the move, Manuel V. Pangilinan, Chairman, Metro Pacific Hospitals and MPIC, said that the company is delighted to reveal its latest venture in the healthcare sector, furthering its relationship with KKR after its previous venture in digital technology company of MPIC's sister company PLDT, Voyager Innovations.
He claims that KKR's has a history of supporting transformational businesses and hopes that it would share the same vision with Metro Pacific Hospitals.
Earlier this year, KKR had made headlines when it announced that it had bought majority stakes in Indian education services provider EuroKids International Pvt. Ltd., taking over from its previous investor consortium led by Gaja Capital.
However, EuroKids would still be operated by its experienced team of administrators, educators and the management team which is led by the Co-Founder and the Group’s CEO Prajodh Rajan. Moreover, KKR is said to be working closely with EuroKids and its range of brands to identify both inorganic and organic growth proceeds and is seeking ways to improve its practices and offerings.
Source Credit: https://www.businesswire.com/news/home/20191014005713/en/MPIC-Raises-Php-35.3bn-KKR%E2%80%99s-Investment-Hospital