Actis, the pan-emerging markets private equity firm, yesterday confirmed an investment of US$ 32 m in the Asiri Group, a 604-bed private hospital group in Sri Lanka.
Asiri is Sri Lanka’s leading private hospital chain, spread across three sites in Colombo and two sites in the southern city of Matara.
Healthcare is a key focus for Actis as emerging market consumers increasingly seek high-quality medical products and services. Actis’s South Asia team has gained extensive experience in the sector with investments in the largest hospital chain in Gujarat, Sterling Add-Life; clinical research company Veeda; and India’s leading generic pharmaceutical company, Glenmark Pharmaceuticals.
J.M. Trivedi, Head of South Asia at Actis, said: “The rise of lifestyle diseases and increasing household income has created demand for high-quality healthcare provision, which supplements Government-led services. Asiri is a premium private healthcare provider with an excellent reputation, carefully built-up over many years by its management team, led by Ashok Pathirage.”
Managing Director of Asiri Ashok Pathirage commented: “Asiri is committed to providing its customers with compassionate medical care whilst giving them access to state-of-the-art equipment.
Patient care is our utmost priority and this investment by Actis will enable us to expand and improve our services, while building our reputation as the country’s leading hospital chain.”
Director at Actis Asanka Rodrigo added: “We are looking for quality investment opportunities in Sri Lanka and are delighted to be partnering with Ashok and Softlogic. Sri Lanka’s Government and private sector healthcare already compares well with its emerging market peers and Asiri is the clear leader in the country due to its best-in-class doctors, staff and infrastructure; it makes a great addition to our portfolio.”
Following the investment Asanka Rodrigo and Viraj Mahadevia from Actis will join the Board of Asiri Hospital Holdings Plc.
Sri Lanka, with increasing FDI, sustained GDP growth of over 7% and growing infrastructure, is an attractive investment destination and one where Actis has prior investing experience.
Softlogic is the controlling shareholder of Asiri Hospital Holdings Plc.
Actis invests exclusively in the emerging markets with a growing portfolio of investments in Asia, Africa and Latin America and US$ 5 billion of funds under management. Actis currently has US$ 1.2 billion invested in 16 companies in South Asia.
Actis is proud to actively and positively grow the value of those companies in which it invests and in so doing contribute to broader society. It calls this ethos the positive power of capital.
source - www.ft.lk
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