Actis invests in Sri Lanka’s Asiri Central Hospitals

According to the Asiri Group of Hospitals website, the company operates three facilities in Colombo - Asiri Surgical Hospital, Asiri Hospital and The Central (a new facility, known in some places as Asha Central Hospital, which replaced Central Hospital in 2010) - and one in Matara state.

Central Hospital is described in earlier filings as an associate of Asiri Central Hospitals. The parent company reduced its stake in the Central Hospital from 65.4% to 34.6% in late 2009 as Aureos South Asia Fund, John Keells Holdings and Union Assurance participated in a private placement of shares.

One year later, International Finance Corporation (IFC) agreed to extend a $20 million, 10-year loan to Central Hospital, Asiri Hospital and Asiri Surgical Hospital. The Central was awarded the right to draw down half of this sum, with a view to restructuring its balance sheet and refinancing existing borrowings.

Asiri Central Hospitals posted a net loss of LKR176.5 million for the year ended March 2011, down from a profit of LKR278.3 million. The deficit was blamed on costs tied to the closure of Asiri Central Hospital and the simultaneous opening of The Central.

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• Topics
• Healthcare
• South Asia
• Expansion
• Sri Lanka
• healthcare
• Growth capital
• Actis Capital