OUE Lippo Healthcare (OUELH), a Singaporean investment holding company that manages healthcare centres, plans to acquire stakes in two healthcare joint venture (JV) companies as it extends into Myanmar.
OUELH, via its units, inked a deal with Waluya Graha Loka to buy 40 percent stake in Myanmar-based hospital company Yoma Siloam Hospital Pun Hlaing Ltd. (YSHPH) and a 35 percent stake in rival Pun Hlaing International Hospital Ltd (PHIH), for $19.5 million.
OUE Lippo Healthcare will finance the deal with the net proceeds from the placement of 562.5 million shares to Browny Healthcare, ITOCHU Corporation's indirect wholly-owned subsidiary.
YSHPH and PHIH are JV companies with investment holding company First Myanmar Investment (FMI). Following the close of the pact, OUELH will be the joint venture partner of FMI in the management of the healthcare portfolio currently operated by YSHPH.