November 27, 2024 | 12:00am
MANILA, Philippines — Ayala Corp., the country’s oldest conglomerate, is looking to welcome a strategic partner in its healthcare unit.
Ayala chief financial officer Alberto de Larrazabal told The STAR that the group has been approached for the sale of a portion of its stake in AC Health.
“There have been expressions of interest. There are people who approached (us),” he said.
Larrazabal, however, said discussions are “still exploratory at this time.”
“I am not at liberty to talk, but nothing firm at this point,” he said.
The Ayala executive said there is no particular size of the stake up for sale at this point.
Reuters had previously reported that the conglomerate is exploring the possibility of selling a minority stake in AC Health to strategic investors or partners in order to help further expand the business.
AC Health is gearing up for its next stage of growth.
AC Health president and CEO Paolo Borromeo earlier said the company’s commitment to operational excellence is not just about scaling up, but is also about doing things better.
“It’s about ensuring that as we continue to expand, we remain agile and responsive to the healthcare needs of Filipinos, especially as we grow our portfolio,” he said.
AC Health is established in 2015 as a wholly owned Ayala subsidiary that aims to provide Filipinos accessible, affordable and quality healthcare.
In 2019, AC Health acquired minority stakes in IE Medica and its affiliated distribution company MedEthix to expand its pharma portfolio and elevate the healthcare landscape in the Philippines.
Aside from IE Medica and MedEthix, its current portfolio includes Generika Drugstore, the pioneer in generic retail pharmacies; Healthway and QualiMed, a network of multi-specialty clinics, ambulatory centers and full-service hospitals; as well as KonsultaMD, a healthcare aggregator app that offers online consultations, medicine delivery and clinic and diagnostic booking.
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