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Economy in brief: Siloam to acquire two hospitals
Publicly listed hospital operator PT Siloam International Hospitals, part of the Lippo Group diversified conglomerate, is expanding its business network by acquiring at least two new hospitals and will issue new shares to support the expansion
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ublicly listed hospital operator PT Siloam International Hospitals, part of the Lippo Group diversified conglomerate, is expanding its business network by acquiring at least two new hospitals and will issue new shares to support the expansion.
Siloam president director Romeo Lledo declined to disclose the name of the company's acquisition targets, saying that it was still in the negotiation process.
The company will finance the acquisition by raising funds from the issuance of 115.61 million new shares that represent 9.09 percent of the company's enlarged stake ' a plan that was approved by shareholders in a May meeting.
'We can take from the 9.09 percent and we will offer to the public,' said Romeo, as quoted by Kontan.
Siloam has allocated US$80 million in capital expenditure this year from its internal cash to build 10 hospitals and upgrade its existing ones. It aims to expand across Indonesia to own 50 hospitals by 2017, from 20 at present.
