BH GAINS TOEHOLD IN MONGOLIA HOSPITAL

Ulaanbaatar /MONTSAME/ Health Horizons Enterprises (HHE) was set up last month in Singapore with registered capital of US$20,000. HHE, in which Bumrungrad Hospital /BH/, Thailand's second-largest listed hospital operator, holds an 80% stake, last Friday acquired a controlling interest in Ulaanbaatar Songdo Hospital (UBSD). It was published on bangkokpost.com website April 1. HHE owns 100% of the common shares of Bumrungrad Mongolia LLC (BML), which holds 51% of the common shares of Seoul Seniors Tower LLC (SST). SST owns and operates Ulaanbaatar Songdo Hospital. BML issued share capital of 4.08 billion Mongolian tugrug (about 74.5 million baht) at a par value of 1,000 tugrug per share. BH set capital expenditures this year at 1.2 billion baht excluding mergers and acquisitions. "Hospitals in South Korea and Singapore have targeted it for referrals," said Dennis Brown, Bumrungrad's corporate chief executive. "Most Mongolians with serious medical problems who can afford overseas treatment would be seen at UBSD. This gives us an excellent opportunity to work with UB Songdo Hospital to expand their diagnostic and treatment services and coordinate tertiary referrals at the source." Mongolia has one of the world's fastest-growing economies. For several years Bumrungrad has been one of the main destinations for Mongolians seeking overseas treatment.