FE Del Mundo Medical Center (FDMMC), a Quezon
City-based hospital, announced on Monday that it has reopened under
a management lease agreement with a joint venture management firm,
Accent/STI Management, Inc.
In a statement, the hospital said
it would continue its operations under the 20-year management lease
agreement signed this year between the two parties wherein Accent/STI
Management Inc.—a partnership between STI Education Services Group
and management and consulting firm Accent Healthcare—would be
absorbing FDMMC’s current debts for an undisclosed amount.
The agreement also entails an
investment of about P100 million by the joint venture over the term
of the lease to upgrade and refurbish the hospital, which includes
new CT Scan, improvement of facilities like the operating room,
radiology department, and computerization of FDMMC’s system.
The children’s hospital is the
first under the Accent/STI’s management, which is eyeing four to
five more hospitals to manage each year starting this year.
Last year, the STI Group acquired
a significant stake in Delos Santos Hospital and folded it under the
DLS-STI Medical Center , which plans to set up satellite clinics in
Metro Manila starting with DLS-STI Mega Clinic in SM Megamall.
Besides computer education, the
group has also included nursing in its roster of offered courses.
FDMMC and DSL-STI would serve as training facilities and future
employment institutions for its nursing students, STI said.
STI plans to list with the
Philippine Stock Exchange and Singapore Stock Exchange by early next
year and would raise P1.5 billion, or equivalent to 30 percent of
the company through primary offer to fund its expansion.
About P250 million of the
proceeds would go to the construction of a new academic center in
Bonifacio Global City, Taguig, after state-run Bases Conversion and
Development Authority awarded the lease contract to the school.
Also part of its aggressive
expansion is the acquisition of existing schools. It said it is on
the look-out for Manila-based specialized education centers.
STI has 115 schools, 25 of which
are directly owned and 96 offer tertiary education.
--Likha C. Cuevas-Miel