November 21, 2017 | MANILA, PHILIPPINES

Lopez-led FPH takes control of Asian Eye

FIRST PHILIPPINE Holdings Corp. (FPH) has taken control of the Asian Eye Institute, following its acquisition of an additional stake in the medical facility for P19.5 million.

In a regulatory filing posted on Thursday, the Lopez-led conglomerate disclosed its purchase of the 149,999 common shares along with a founder’s share in Asian Eye Institute from Dr. Felipe I. Tolentino.

The acquisition brings the stake of FPH in Asian Eye Institute to 50.57%, and makes the hospital its subsidiary, according to the disclosure.

Established in 2001, the Asian Eye Institute is serving 60,000 local and foreign patients annually across its clinics at Rockwell Center in Makati City, TriNoma in Quezon City, Mall of Asia in Pasay City and Commercenter Alabang in Muntinlupa City.

The institute also operates the Family Vision Center, a primary vision care facility, inside the Qualimed Clinic at the UP Town Center in Quezon City and Ambulatory EyeSite, an ambulatory eye center, within the Qualimed Surgery Center at Ayala Fairview Terraces and St. Frances Cabrini Medical Center in Sto. Tomas, Batangas.

Asian Eye Institute is the first ambulatory eye center in the Philippines to receive an international health care accreditation. It was admitted to the ASEAN Association of Eye Hospital and World Association of Eye Hospitals as well.

The hospital focused on eye care further expands the investment portfolio of FPH, whose major businesses entail power generation, real estate development, manufacturing and construction and other services.

FPH operates in the power, real estate and manufacturing sectors through First Gen Corp., First Realty Corp. and Rockwell Land Corp., among others.

In the first nine months of 2016, Lopez-led company more than doubled its net income attributable to the parent to P8.76 billion from the P 3.7 billion recorded a year earlier even as consolidated revenues turned out flattish at P74.71 billion.

Shares in FPH closed 30 centavos or 0.40% higher at P74.80 apiece on Thursday. -- Keith Richard D. Mariano