Thai Bumrungrad gets license to open clinic in Myanmar
BANGKOK: Bumrungrad Hospital Pcl, Thailand's second largest healthcare provider by market value, said on Wednesday it received a business permit from the Myanmar Investment Commission to operate a private clinic and diagnostic services in Myanmar.
Bumrungrad is among several Thai healthcare providers looking to expand business in Southeast Asia, where healthcare spending is expected to rise due to growing populations, higher income and aging people.
Foreign patients account for 66 percent of the company's revenue and Myanmar is the largest revenue contributor among non-Thai nationalities, data from a company presentation to analysts in August showed.
Wholly-owned unit Bumrungrad Health Network Co will own 80 percent in new subsidiary Bumrungrad Myanmar Co Ltd, while the remaining 20 percent stake will be held by Yangon International Medical Services Co Ltd, the company said in a statement.
Yangon International is the authorized representative of Bumrungrad International hospital in Bangkok for Myanmar patients, according to its Facebook page.
Bumrungrad aims to spend about 11.4 billion baht (US$320 million) during 2015-2018 to expand business at home and develop the UB Songdo unit in Mongolia into a regional hospital, the presentation showed.
(Reporting by Khettiya Jittapong; Editing by Biju Dwarakanath)