Venture capital firm bullish on medical, F&B businesses.
By James A. Loyola
MFT Group, a Philippine private equity fund, is aggressively pursuing the expansion of its new medical equipment as well as food and beverage businesses here and overseas.
In a press briefing, MFT Group Chief Executive Mica F. Tan said they have recently-acquired Meihao Corporation of Hong Kong and have already established it as one of the largest private providers of medical equipment and supplies to hospitals and health institutions in the Philippines.
Tan noted that a lot of medical institutions in the country are expanding and upgrading their facilities while new ones are also being built.
"We are the preferred supplier because we are a one-stop-shop and they just give us their purchase orders of all the equipment they need and we can source it for them while other suppliers can only provide some of the equipment needed," she said.
MFT Chief Operating Officer Enrique Eduardo F. Tan said they now have a strong presence in the Visayas through Meihao's Cebu branch and have also established operations in Mindanao (Davao) and Luzon.
He said Meihao sources its medical equipment from China, Japan, US and Germany adding that, depending on the budget of the buyer, these equipment, such as MRIs and X-Ray machines, can be brand new or refurbished.
MFT Chief Corporate Development Officer Parker Ong said Meihao has generated sales of P500 million last year and are already on track to at least double revenues to P1 billion this year.
Meanwhile, MFT is investing about P160 million this year for the expansion of its food and beverage business in Asia and Europe with the opening of an initial 10 to 15 branches of SaladStop and La Lola Churreria, both of which the firm has acquired master franchises for overseas.
SaladStop is the first and largest healthy food chain in Asia and MFT is establishing a foothold for the firm in Spain with the aim of eventually expanding it to Portugal and the rest of Europe.
On the other hand, La Lola serves authentic Spanish churros and has already opened in Singapore's Clarke Quay and is aiming to penetrate the rapidly growing economy of Vietnam.
Tan said they are targeting to open about 30 to 40 branches of SaladStop and La Lola in Spain, Portugal, Singapore and Vietnam.
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|Title Annotation:||Business News|
|Date:||Aug 21, 2018|
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