Standard Chartered commits $50m to Indonesia hospital business
Standard Chartered Private Equity (SCPE) has agreed to invest up to $50 million to support an Indonesian healthcare business being developed by domestic media giant Emtek Group.
Emtek is best known as one of Indonesia's leading free-to-air television providers with two national channels and one regional channel that reach 160 million viewers in more than 240 cities. It is also a pay-tv provider and has interests in several media content and IT solutions businesses.
The company diversified into the healthcare space via its subsidiary, Emtek Medika Corpora (EMC), which acquired a 30% stake in Usada Insani hospital, a 350-bed facility in Tangeran, Banten province, in September 2013. Emtek and SCPE plan on developing a chain of hospitals through acquisitions and greenfield developments, leveraging their respective international and domestic networks.
Emtek reported an unaudited net income of IDR884 billion ($76.3 million) for the first 10 months of 2013, compared to IDR793 billion for 2012 as a whole. Revenue came to IDR4.73 trillion, compared to IDR4.68 trillion in 2012. Nearly 90% of Emtek's profit and just under three quarters of its renveue is generated by the media businesses.
SCPE targets companies with principal operations and management located in Asia, Africa or the Middle East. It currently has investments of $300 million in companies focused on Indonesia.
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