IFC, Mitsui invest in Singapore-based MiCare Health Technologies

MiCare HealthTEC Holdings, a subsidiary of Zuellig Pharma and a leading medical claims administrator in Singapore, has announced that the International Finance Corporation (IFC), a member of the World Bank Group, and Mitsui & Co.

(Asia Pacific), a subsidiary of Mitsui & Co, will be investing approximately $50 million in the company. Zuellig Pharma will remain as MiCare’s largest shareholder and MiCare will continue to be led by its Founder and Group CEO,

Moses Hee. The strategic investment will be used to fund MiCare’s expansion in key Southeast Asian markets including Indonesia and Vietnam as well as to set up a new regional headquarters in Singapore. Baker McKenzie were the appointed legal advisors for this investment deal. MiCare is a managed care organisation that administers, processes and manages medical claims of policyholders and members on behalf of insurance companies and self-insured corporate clients. The company also builds applications linking key players in the healthcare sector such as doctors, patients, hospitals, clinics and pharmacies, to facilitate the seamless and efficient management of medical claims. MiCare has more than 13 million members in three countries – Malaysia, Thailand and the Philippines – and is looking to continue to grow and expand in the region.