Infrastructure giant Metro Pacific Investments Corp. wants to pare debt by selling stakes in its tollway and hospital units.
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MPIC chairman Manuel V. Pangilinan said the company is in talks with several foreign groups which have signified interest in investing in the group’s tollway and hospital businesses.
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Pangilinan said they were willing to divest about 20% of their equity stake in Metro Pacific Tollways Corp. to shore up funds and pay down debt.
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High level debts have weighed on the company’s bottomline.
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The entry of a strategic partner shall shall be beneficial to MPTC as it would provide the necessary financial and technical muscle.
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As of the end of 2018, MPIC’s short-term debt amounted to P11.6 billion while its long-term debt surged 328% to P203.5 billion.
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For its healthcare business, MPIC is divesting as much as 9% of Metro Pacific Hospital Holdings through a private placement.
Pangilinan said MPIC has already received feelers from private equity funds and hospital operators.
MPIC has grown its network to 14 hospitals with about 3,300 beds as of the end of October last year. Its portfolio includes Makati Medical Center, Cardinal Santos Medical Center, Our Lady of Lourdes Hospital, Asian Hospital, De Los Santos Medical Center, Manila Doctors Hospital, Marikina Valley Medical Center Inc., and Dr. Jesus C. Delgado Memorial Hospital.
Outside Metro Manila, MPIC has investments in in Davao Doctors Hospital, Riverside Medical Center in Bacolod, Central Luzon Doctors Hospital in Tarlac, West Metro Medical Center in Zamboanga, Sacred Heart Hospital of Malolos, Inc. in Bulacan and St. Elizabeth Hospital, Inc. in General Santos City.
