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Chandler Corp. pours $99 mln into Vietnam medical deal
Singapore-based international business group Chandler Corporation has acquired 80 per cent of Hoan My Medical Corporation, Vietnam’s largest hospital chain, for $99 million.
Chandler, founded by New Zealand-born entrepreneur Richard Chandler, announced last week that the investment in Hoan My complemented the healthcare businesses the company owns and operates in Indonesia and the Philippines, a move to make it a leading private healthcare provider in Asia.
The new investment came right after Fortis Healthcare, India’s largest hospital chain, sold all of its 65 per cent stake in Hoan My to Chandler for $80 million. Right after that, Chandler increased its holdings in Hoan My to 80 per cent.
Fortis in August 2011 bought 65 per cent of Hoan My stake at $64 million to become the majority stakeholder in the private hospital chain. Fortis added its name to the Vietnamese company, and now transferred its holdings to obtain a $16 million profit in less than two years.
Fortis was selling its investments in Vietnam and Hong Kong for between $380 million and $400 million, the Economic Times of India reported. It had received an unsolicited bid of $80 million from Chandler for Hoan My.
Chandler CEO David Walker said: “The acquisition of Hoan My is an important step toward realising the Chandler Corporation’s goal of becoming a leading Pan-Asian healthcare services provider. The Chandler Corporation builds and invests in great companies which create social value and drive national prosperity. Hoan My has done both in Vietnam for the past 16 years. Our investment reflects the value we place on healthcare.”
Hoan My is the first medical corporation to run a private hospital chain in Vietnam. The group now comprises five hospitals and four clinics in Ho Chi Minh City, Dalat, Danang, Can Tho and Ca Mau, annually providing affordable, quality healthcare to more than one million people in Vietnam’s emerging middle class.
Chandler is the newly-announced name of Richard Chandler Corporation, which has interests in the energy, consumer, financial services and healthcare sectors with operations in Asia, Africa, the Americas, Europe and the Middle-East. It is investing in some other Vietnamese companies, including FPT, a leading information and communication technology corporation in the country.
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