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THE
Securities and Exchange Commission has approved the
merger of Asian Hospital Inc. and Health Care Properties
Inc. with the former as the surviving entity.
Asian
Hospital, a Filipino company engaged in the operation of
hospitals and other health-care facilities in the
Philippines, operates the Asian Hospital and Medical
Center, the first major private hospital with tertiary
care facilities in Alabang, Muntinlupa City.
The
hospital started in March 2002 and, together with
Bangkok-based partner Bumrungrad International, now has
253 beds in a state-of-the-art medical center. It has
over 900 employees and 160 outsourced staff.
Health
Care Properties, on the other hand, is into the
development, sale and lease of real-estate properties,
such as buildings, houses, apartments and other
structures.
Asian Hospital,
which has an authorized capital of P2 billion, owns 100
percent of Health Care Properties.
In
documents filed with the commission, the parties said
“it is in the best interest to simplify the collective
legal structures to promote operational efficiency, cost
effectiveness and synergy by merging into a single
corporation.”
Their
respective boards separately approved the merger last
March 8.
As of
end March, Health Care Properties’ total assets amounted
to P2.065 billion, against total liabilities of P2.497
billion.
In
comparison,
Asian Hospital’s
total assets in the same period amounted to P3.41
billion, against total liabilities of P1.729 billion.
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