Sri Lanka’s Asiri acquires Hemas Galle for Rs.450mn

ECONOMYNEXT – The Softlogic Group subsidiary Asiri Hospital Holdings Plc acquired Hemas Southern Hospitals (Private) Limited for 450 million rupees last Friday, a disclosure to the Colombo Stock Exchange said.

"The decision to enter into this transaction brings tremendous synergy to the Asiri group with the existing hospuitals and laboratories of Asiri  in the southern region," the company said.

The former Hemas Group subsidiary operates the Hemas Galle hospital, which was commissioned in 2009 and has 50 beds. It was one of three Hemas hospitals.

Private healthcare is expected to play a greater part in Sri Lanka, with a rapidly ageing population, economic growth and increasing insurance penetration.

Following the acquisition, Asiri now has five hospitals with three in Colombo, one in Matara and the new unit in Galle. The bed capacity of Asiri has expanded to 634. 

Another hospital with 175 beds is expected to open in Kandy next year.

Asiri’s shares were trading Monday morning at 23 rupees, flat from the previous close on Friday.

The firm’s net profits were up 1.8 percent from a year earlier to 392.8 million rupees in the September quarter. (Colombo/Nov05/2018)

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