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Tuesday, September 18, 2007


Children’s hospital reopens under STI

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


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