Japan's Mitsui to invest in managed care service startup MiCare
KUALA LUMPUR, NNA - Japanese trading house Mitsui & Co., along with the International Finance Corp., will invest a combined $60 million in Singapore-based managed care service startup MiCare HealthTEC Holdings Pte. Ltd. to boost medical service in Southeast Asian markets.
Mitsui & Co. (Asia Pacific) Pte. Ltd., a subsidiary of Mitsui & Co., and the IFC, a member of the World Bank Group, will acquire new shares to be allotted by MiCare to them on a 50-50 basis, an official of the Japanese company said Friday, without disclosing their shareholding ratios after the acquisition. MiCare is a subsidiary of Singapore-based health care services giant Zuellig Pharma.
Zuellig Pharma said it will remain the largest shareholder in MiCare, which has more than 13 million members in Malaysia, Thailand and the Philippines, looking to continue to grow and expand in the region.
Managed care is a medical management service for countries with relatively small public health care systems, processing and managing medical claims of policyholders and employees on behalf of insurance companies and corporate clients.
Mitsui has become the largest shareholder in IHH Healthcare Bhd., a leading Malaysian hospital management company.
"While Mitsui has focused on health care business centering on IHH, we would like to also beef up wellness business such as health control in anticipation of future demand," the official told NNA.
As the managed care business enables the company to extensively collect medical-related data by linking insurance companies, persons insured and medical institutions, Mitsui decided on the investment, hoping it may help expand the existing health care business, the official said.
Among other Japanese trading companies, Sumitomo Corp. obtained shares in Health Connect Holdings Sdn. Bhd. and PMCare Sdn. Bhd., both major Malaysian managed care service companies, in 2019. (NNA/Kyodo)