Splash exits interest in Medical City operator in the Philippines
Personal care products manufacturer Splash Corp announced on Friday its exit from a minority stake it owns in hospital operator Professional Services Inc. The said transaction is valued at PHP295 million, according to GMA Network.
In a disclosure to the Philippine Stock Exchange, Splash said it sold 50,000 shares in the hospital operator to Viva Holdings Philippines and Fountel Corp. The sale represents a 7.03% stake in Professional Services, the owner and operator of Medical City in Ortigas area located in Manila, the report detailed.
The stake sale was said to be in line with Splash's effort to focus more on its personal care and food businesses. The said shares had been on sale since 2008. At that time, the stake was valued at PHP200 million, the report said.
Splash is one of the leader producers of personal, health and beauty products in the Philippines. Its top brands include Extraderm, Biolink, Skin White, and Maxi-Peel, the report stated.
In 2011, the firm acquired Barrio Fiesta's food manufacturing arm through its subsidiary Splash Foods Corp. The latter manufactures, canned meals, fruit preserves, sautéed shrimp paste, and other food products, GMA Network said in its report.