Commission Decision No. 24-M-019/2019:
In the Matter of the Proposed Acquisition by Metro Pacific Hospital Holdings, Inc.
of Shares in Medical Doctors, Inc.
The transaction involves the proposed acquisition by Metro Pacific Hospital Holdings, Inc. (MPHHI) of shares in Medical Doctors, Inc. (MDI), which in turn owns and operates Makati Medical Center.
Pursuant to the Securities Regulation Code and its Implementing Rules and Regulations (SRC), MPHHI will conduct a tender offer for up to 563,000 outstanding common shares (Tender Offer Shares) of MDI. MDI’s shares of stock are not listed in any stock exchange, but it is still considered as a public company under the SRC because it has assets of more than Php 50,000,000.00 and more than 200 shareholders holding at least 100 shares each. As such, the acquisition by MPHHI of additional shares of stock in MDI which will increase its interest therein from approximately 33.3% to no more than 49.9% is subject to the tender offer rules of the SRC.
The Tender Offer Shares represent approximately 16.6% of the total outstanding shares of MDI which will bring MPHHI’s ownership of MDI to no more than 49.9%. MPHHI is currently the shareholder of 1,128,715 outstanding MDI, shares which represent approximately 33.3% of the outstanding MDI shares.
MPHHI is a subsidiary of listed firm Metro Pacific Investments Corp., while MDI is a corporation duly organized and existing under the laws of the Philippines, with principal office in Makati City.