NST Business
KUALA LUMPUR: Columbia Asia Group, one of the largest and fastest-growing healthcare companies in Asia, has received additional equity investment of US$210 million, primarily from existing shareholders.
The fresh funds will be used primarily to build new hospitals and deepen the level of specialty care in existing facilities, Columbia Asia said today.
Of the US$210 million, Tokyo-based Mitsui & Co Ltd, a major healthcare investor in Asia, is contributing US$140 million.
Mitsui, an existing equity shareholder in Columbia Asia, invested US$101 million in the company in 2016 to aid the group’s expansion across Asia.
Columbia Asia, owned by International Columbia US, LLC (ICU) and part of Seattle-based Columbia Pacific Management, has 29 hospitals and two clinics across Malaysia, India, Indonesia, Vietnam and Kenya.
It focuses on serving Asia’s rapidly growing middle class.
Columbia Asia chief executive officer Dr. Kelvin Loh said the investment would help to expand its business across the region.
“Besides expanding our network and improving the quality of our services, we will also be investing in digital technologies to make care even more convenient and cost-effective, in order to serve more patients.
“As of March this year, we have already added 342 new beds across our facilities in Malaysia, India and Indonesia. We will continue to pursue growth and we aim that by 2025, we will have more than 4,000 beds in the Asian region,” Dr Loh added.
Nate McLemore, managing director of Columbia Pacific Management, said Columbia Asia is one of the fastest growing hospital companies in Asia and now Africa.
“We believe there is still much more growth potential in the markets we serve and are pleased that this additional investment will further accelerate that growth.”
Of the US$210 million, Tokyo-based Mitsui & Co Ltd, a major healthcare investor in Asia, is contributing US$140 million.
Mitsui, an existing equity shareholder in Columbia Asia, in 2016 invested US$101 million in the company to aid the group’s expansion across Asia and is now increasing its share.