COLUMBIA ASIA GETS US$210m FUND INFUSION

Healthcare provider to build new hospitals, enhance existing facilities with fresh infusion of funds

COLUMBIA Asia Group, one of the largest and fastest-growing healthcare companies in Asia, has received additional equity investment of US$210 million (RM821.56 million), primarily from existing shareholders.

The fresh funds would be used primarily to build new hospitals and deepen the level of specialty care in existing facilities, said Columbia Asia yesterday.

Tokyo-based Mitsui & Co Ltd, an existing equity shareholder in Columbia Asia and a major healthcare investor in Asia, is contributing US$140 million.

Mitsui had invested US$101 million in the company in 2016 to aid the group’s expansion across Asia.

Columbia Asia, owned by International Columbia US, LLC (ICU) and is part of Seattle-based Columbia Pacific Management, has 29 hospitals and two clinics across Malaysia, India, Indonesia, Vietnam and Kenya.

It focuses on serving Asia’s rapidly growing middle class.

Columbia Asia chief executive officer Dr Kelvin Loh said the investment would help it expand its business across the region.

“Besides expanding our network and improving the quality of our services, we will also invest in digital technologies to make healthcare even more convenient and cost-effective, in order to serve more patients.

“As of March, we have already added 342 new beds across our facilities in Malaysia, India and Indonesia.

“We will continue to pursue growth and we aim that by 2025, we will have more than 4,000 beds in the Asian region,” Dr Loh added.

Nate McLemore, managing director of Columbia Pacific Management, said Columbia Asia was one of the fastest growing hospital companies in Asia and Africa.

“We believe there is still much more growth potential in the markets we serve, and are pleased that this additional investment will further accelerate that growth.”