Lippo and China Merchants Group Lead Hospital Acquisitions in Shanghai

INDUSTRY.co.id - Jakarta - Lippo Group, together with China's conglomerate China Merchants Group, has reached an agreement with China's Changjiang National Shipping Group Co. to acquire a leading hospital in Shanghai.

Shanghai Changhang Hospital, currently managed by Shanghai Changjiang Shipping Co., is located in Pudong New District, Shanghai.

Under the agreement, Lippo's joint venture - a joint venture with China Merchants Group with 50:50 ownership - will hold 51 percent of the joint venture shares while the rest is owned by China Changjiang.

Lee Yi Shyan, Chairman of Lippo's subsidiary in Singapore, OUE Lippo Healthcare Limited (OUELH) said: "China's rapidly growing healthcare industry market is an opportunity for us to bring Lippo's experience in health services to a larger population. China Merchants Group combines our expertise in international health services with their in-depth knowledge of the local market through this joint venture with China Changjiang, we will be even better in serving the healthcare market in China. "

Lippo, which operates 32 hospitals in Indonesia under Siloam International Hospitals, and four hospitals in Myanmar under the banner of Siloam Pun Hlaing Hospitals, is one of Asia's largest health services group.

In 2016, investment company CVC Capital Partners bought 15% stake in PT Siloam Hospitals International Tbk with a value of US $ 165 million. As part of Lippo's humanitarian transformation vision for Asia, the group continues to open hospitals in various areas and is targeted to open 10 new hospitals in Indonesia this year.

Lippo, a business conglomerate across Asia with strategic investment and operating areas in eight global markets, is Indonesia's largest integrated services group, serving more than 60 million customers through real estate, malls, department stores, hospitals, telecommunications, media and financial services.