IFC invests $55 mil in Fullerton Healthcare in the Philippines

IFC invests $55 mil in Fullerton Healthcare in the Philippines

By: 
PC Lee
12/09/18, 06:00 pm

SINGAPORE (Sept 12): International Finance Corporation (IFC), a member of the World Bank Group, is investing in Fullerton Healthcare Corporation to improve the provision of affordable healthcare in the Philippines and enhance efficiencies in the health maintenance organisation (HMO) market.

Wholly owned subsidiaries Fullerton Health Philippines Holdings Corporation and Fullerton Health Philippines on Wednesday secured a US$40 million ($55 million) long-term loan facility with IFC.

Founded in Singapore in 2011, Fullerton Health is a leading vertically integrated healthcare platform in the Asia Pacific region and serves clients through over 500 healthcare facilities and a large global network of healthcare providers across eight markets in Asia.

The group is aiming for an Initial Public Offering (IPO) in the US after shelving plans for one in Singapore.

See: Fullerton Health said to eye US IPO after Singapore setback

See also: Fullerton Health defers IPO plans for 2016

IFC’s investment follows the completion announcement on May 18 regarding Fullerton Health’s entry into the Philippines through the acquisition of a 60% stake in the Intellicare Group.

See also: Fullerton Healthcare acquires 60% stake in Intellicare Group

IFC’s loan will help Intellicare increase training opportunities for health professionals in the Philippines, improving the skill level in this sector, and subsequently create jobs.

IFC’s support will also include sharing of best practices within different areas of operations, including facilitating introductions within IFC's network of healthcare clients.

Since 1962, IFC has invested more than US$3 billion to support more than 100 private sector companies in the Philippines.

As of December 2017, IFC’s committed portfolio is at US$763.9 million, which focuses on reducing impacts of climate change, increasing rural incomes, promoting sustainable urbanisation and helping address governance constraints.

Winners and losers from Singapore's budget as election looms

SINGAPORE (Feb 19): Singapore Finance Minister Heng Swee Keat boosted health-care and military spending, gave tax rebates to citizens and tightened rules on foreign workers ahead of an election that could come as early as this year. Heng announced a new $8 billion support package for seniors in his budget speech on Monday, as well as measures to help local businesses adopt new technologies. The expansionary fiscal plan will push the overall budget deficit to 0.7% of gross domestic product in the year ending March 2020, from a revised surplus of 0.4% this year. The finance minister opened....
Read More >>

Sasseur REIT FY18 DPU exceeds IPO forecast by 12.6%

SINGAPORE (Feb 18): The manager of Sasseur REIT announced a 4Q18 DPU of 1.999 cents, 28.1% higher than forecast. This also brings 2H18 DPU to 3.541 cents and FY18 DPU to a total of 5.128 cents. Sasseur REIT offers investors the unique opportunity to invest in the fast-growing retail outlet mall sector in China through its initial portfolio of four quality retail outlet mall assets. 4Q18 distributable income came in at $23.6 million, 28.1% higher than forecast while EMA rental income came in 1.6% higher than forecast at $31.2 million. Based on the Feb 18 closing unit price of $0.71,....
Read More >>

DBS chief sounds cautious note, but expects modest growth this year

SINGAPORE (Feb 18): Looking to the future, DBS CEO Piyush Gupta sounded a cautious note. For one, mortgage bookings have fallen by 30% to 40% since additional cooling measures were announced in July last year, he said. However, loan growth should continue and is likely to come from the corporate sector. See also: DBS reports 8% rise in 4Q earnings to $1.32 bil; brings FY18 earnings to new record high “We guided for mid-single digit loan growth and we are keeping to this loan growth estimate. I anticipate we will still see choppy markets and macro-economic slowdown,” Gupta says. Among....
Read More >>