JAKARTA (TheInsiderStories) – Luminous Investment Holdings Pte. Ltd., an investment company based in Singapore, has officially become the shareholders of PT Medikaloka Hermina Tbk (IDX: HEAL), the operator of Hermina Hospital. The investor bought the issuer’ shares at Rp4,000 a share or in total Rp20 billion (US$1.43 million) through a private placement scheme.
Aristo Setiawidjaja, the company’ director, explained the proceeds will be used for working capital and capital expenditure needs. One of the health provider’ goals are to acquire another hospital and buy back shares up to Rp100 billion. The buy back shares program held since Nov. 16 to Feb. 15, 2021 with a maximum price Rp4,000 a share.
Last October, Hermina announced to offers a maximum of 297.30 million shares or 10 percent of issued and fully paid up capital. Based on the exercise price, the issuer coul reap around Rp1.19 trillion with a dilution 9.09 percent. Apart from the rights issue, the operator has issued Rupiah bonds with a principal amount of Rp600 billion in September 2020.
Most of the funds, said the management will be use to increases the hospital capacity also purchasing land, general and medical equipment, and for working capital. In 2020, the management targeting to book a revenues around Rp4.35 trillion, or rises 20 percent compared to last year.
In 2019, Hermina posted a revenues Rp3.63 trillion and net profit Rp255.36 billion. The inpatient segment contributed around Rp2.59 trillion and the rest was contributed by the outpatient segment amounting to Rp1.54 trillion. The two segments respectively experienced growth of 17.19 and 23.2 percent from a year ago.
Founded as a mother and child care hospital, the company is now a multi-specialty, primary and secondary care hospital group. In 2017, Malaysia-based Creador private equity firm has injected capital $45 million and became a minority shareholder in Hermina.
Overall annual healthcare expenditure in Indonesia worth of $28 billion or rose 10 percent in the last five years.
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