In January 2019, OUELH entered into a sale and purchase agreement for the acquisition of a 40.0% stake in Yoma Siloam Hospital Pun Hlaing Limited ("YSHPH") and a 35.0% stake in Pun Hlaing International Hospital Limited ("PHIH"). Each of YSHPH and PHIH are joint venture companies with First Myanmar Investment Public Company Limited ("FMI"). The acquisition was completed in April 2019.
OUELH is the joint venture partner of FMI in the management and operation of a healthcare portfolio of three hospitals, one medical centre and two clinics currently operated by YSHPH under the brand name "Pun Hlaing Siloam Hospitals" (the "Myanmar Medical Facilities"). PHIH owns and holds the leases of the land and properties on which the Myanmar Medical Facilities are located, with back-to-back leases.
The three hospitals, with a total bed capacity of approximately 370 beds, are located in the key cities of Yangon, Mandalay and Taunggyi. The flagship hospital in Yangon was the first hospital in Myanmar to receive the prestigious JCI accreditation in 2017. The core services offered by the hospitals include emergency, out-patient, in-patient, laboratory, imaging, physiotherapy, medical check-up, overseas clinical services, across practices including Cardiology, Orthopaedics, Obstetrics and Gynaecology.