(Reuters) -AC Health, the healthcare arm of the Philippines’ oldest conglomerate Ayala Corp, said on Monday that a private equity firm backed by Singapore’s state-investor Temasek will acquire a 16% minority stake in the company.
In August 2024, Reuters reported that the Ayala Corp was keen on selling a minority stake in its healthcare business, which would value the company at up to $500 million.
AC Health did not specify a value for the 16% stake.
Global investors are increasingly drawn to Southeast Asia’s healthcare sector, wagering on the region’s rising prosperity, aging demographics, and the industry’s resilience in a challenging economic climate.
In November 2023, Malaysian conglomerate Sime Darby and Australia’s Ramsay Health Care agreed to sell their equal ownership joint venture for 5.7 billion ringgit($1.34 billion).
Established in 2015, AC Health has expanded its portfolio to include the Generika and St. Joseph Drug pharmacy chains, as well as pharmaceutical importer and distributor IE Medica and MedEthix, according to its websites.
It aims to expand its network to at least 10 hospitals, 300 clinics and 1,150 pharmacies.
($1 = 4.2400 ringgit)
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Sherry Jacob-Phillips)
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