BANGKOK: Singapore's Temasek Holdings Ltd and Istithmar PJSC of the United Arab Emirates will buy an almost 12% stake in Bumrungrad Hospital Pcl, Thailand's second biggest publicly traded hospital operator.
The two companies would purchase 86.7 million Bumrungrad shares for 2.2 billion baht (US$55mil) or 25 baht per share, the Bangkok-based company said in an e-mail statement yesterday.
The price was based on the average share price when discussions were started, Bumrungrad said.
Temasek, an investment group controlled by the Singapore government, and Istithmar, a Dubai-based investment holding company, will each buy a 5.94% stake in Bumrungrad from Sinnsuptawee Asset Management Co, a subsidiary of Bangkok Bank Pcl. Sinnsuptawee's stake in Bumrungrad will drop to 12.09% after the sale.
Bumrungrad, which gets more than a third of its patients from abroad, wants to set up hospitals in other countries such as the UAE to replicate its Thai business and treat more patients.
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An arab family waits for transport after medical assistance outside the Bumrungrad hospital ib Bangkok. - APpic |
The Thai company completed 11 months ago a US$9.2mil purchase of Manila-based Asian Hospital Inc, which has 258 beds.
Istithmar and Temasek also planned to make direct investments in Bumrungrad International Co, Bumrungrad's unit for international investments, the Thai hospital operator said.
Bumrungrad and Istithmar are in a venture to build a 125-bed hospital in Dubai, scheduled to be completed in December 2007. – Bloomberg
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