memo

Thomson Medical

19/01/2024 06:34

By Yantoultra Ngui and Phuong Nguyen
       SINGAPORE/HANOI, Jan 19 (Reuters) - Global investment
firm KKR & Co  KKR.N  has emerged as the largest shareholder of
one of Vietnam's biggest eye hospital chains, Medical Saigon
Group (MSG), according to an MSG internal memo seen by Reuters
on Friday.     
    Financial details of the investment were not disclosed in
the memo sent to MSG's staff on Jan. 19 from MSG Group Chief
Executive Officer Huynh Le Duc.     
    New York-based KKR will take over as MSG's largest
shareholder from Singapore's investment firm Heliconia Capital,
wholly-owned unit of Singapore's state investment firm Temasek
Holdings  TEM.UL , according to the memo. Heliconia acquired MSG
in 2019.
    "KKR will step into the shoes of Heliconia to become our
largest shareholder. Heliconia will transition out of MSG after
a very successful partnership together," Duc said in the memo.
    "With KKR’s investment and partnership, we will be able to
accelerate our growth to reach more patients, deliver better
patient outcomes, and expand our footprint across Vietnam," the
memo added.
    The board hoped to be able to accelerate our growth to reach
more patients, deliver better patient outcomes, and expand our
footprint across Vietnam with KKR's investment.
    Founded in 2004, MSG has 13 hospitals in Vietnam, including
eight ophthalmology hospitals and five general ones, according
to its website. 
    Healthcare assets in Southeast Asia are attracting more
interest as investors bet on the region's growth and the
sector's ability to weather a challenging economic environment. 
    KKR declined to comment. Heliconia and MSG did not
immediately respond to a request for comment.
    The acquisition also marks KKR's first major private equity
(PE) deal under its partner and Southeast Asia PE head Prashant
Kumar since he moved to Singapore from India last year to lead
KKR's PE business in the region.
    KKR, which counts property group Vinhomes  VHM.HM  and
education company EQuest among its investments in Vietnam, also
invested in the Philippines' largest private hospital group
Metro Pacific Health, according to its website.
    KKR is active in Southeast Asia, where it invested $400
million into Malaysian subsea telecommunications cable services
provider OMS Group in October and acquired a 20% stake in
SingTel's regional data centre business for S$1.1 billion 
($819.55 million) in September.
 
($1 = 1.3422 Singapore dollars)

 (Reporting by Yantoultra Ngui in Singapore and Phuong Nguyen in
Hanoi; Editing by Kane Wu and Michael Perry)
 ((Yantoultra.Ngui@thomsonreuters.com;))