Dubai-based emerging markets investor Abraaj Group has exited its investment in a tertiary medical hospital based in the Philippines.
Abraaj, via one of its funds, invested in the Daniel O Mercado Medical Centre (DMMC) in September 2010 as the only institutional investor alongside the Mercado family. Since then the hospital has built a new wing and increased patient numbers by 19.5 percent in 2012.
Abraaj’s exit was via a buy-back agreement with the Mercado family, although it did not provide financial details of the transaction.
“This was an attractive investment opportunity for us to make in a growing sector where demand for beds far outweighed supply, with the potential to support a highly experienced management team and scale a well-established, multi-credited hospital,” commented Danny Lizares, Philippines managing director, Abraaj.
“We succeeded in our aim to further facilitate the provision of quality healthcare for the mass market, offering state-of-the-art medical services at competitive prices.”
Abraaj’s other current investments in South-East Asia include Philippines-based fast-food chain Pancake House and beauty products retailer HBC. Other investments in the region include Vejthani Hospital and IHH Healthcare.