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Hemas likely to foray into healthcare in Bangladesh

12 March 2015 04:50 am - 0     - {{hitsCtrl.values.hits}}

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Diversified conglomerate Hemas Holdings PLC is exploring the possibilities of entering the healthcare sector in Bangladesh, Mirror Business reliably learns.
According to sources, the group is evaluating the purchase of a hospital in the South Asian neighbour. This is not Hemas’ first foray into Bangladesh, having set up a fast-moving consumer goods (FMCG) business a few years back. The funds for this expansion are expected to be tapped from a Rs.4.12 billion rights issue the company has already announced. 
“It is intended that the proceeds would be used to pursue strategic investment opportunities in the core sectors of the group,” a company statement had said, while Group CEO Steven Enderby had refused to comment.
Hemas currently has major operations in FMCG, logistics, pharmaceuticals, hospitals and leisure.
This is the first instance Hemas has raised funds through its shareholders, since its initial public offering in 2003.
The major shareholders said that they would not subscribe to the rights, as both local and international investors have shown strong interest. 
The group currently operates three hospitals with a total of 213 beds in Wattala, Galle and Thalawathugoda. It is also in the process of setting up a hospital in Ratmalana, already having acquired a land for Rs.250 million.
The group has invested over Rs.4 billion in the hospital business since launching its first hospital in Wattala in 2009. Despite speculation to the contrary, the group has proven itself in the industry.
For the third quarter ending in December, its healthcare sector profits improved to Rs.260.1 million from Rs.187.6 million from the corresponding quarter in 2013.
This includes the synergies Hemas is also creating with its pharmaceutical business, which is the largest in the country with a 21 percent market share.
The group’s main pharmaceutical manufacturer and marketer J L Morison recorded a 44 percent revenue growth for the December quarter. (CW)
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