PRINC Health (IFC-42620)

Countries
  • Thailand
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Nov 20, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Principal Capital Public Company Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 21, 2020

Disclosed by Bank Nov 25, 2019

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the bank website, "The investment will support PRINC’s growth plans of building a network of hospitals providing tertiary and secondary care to middle income patients across Thailand." "The Company currently has 8 hospitals in its portfolio (5 operational and 3 under construction/acquisition) and is planning expand the network to 15-20 hospitals with capacity of ~1800 beds concentrated in north central Thailand (the “Project”) through a mix of greenfield development and strategic acquisition of existing private hospitals.

The hospitals in the portfolio are: PRINC Suvarnabhumi (formerly Piyamin), with a capacity of 200 beds, was built in 1995 and acquired in 2018, it is located in Bangkok; Pitsanuvej (150 beds), Sahavej, Paknampo1 and Paknampo 2 are located in the lower-north central region, became operational during 1982-1990, and were acquired between 2014 and2016, these hospitals have either 90 or 100 beds. The newly planned hospitals are middle-sized hospitals with 57 to 59 beds and include Sirivate Lamphun Hospital (to be acquired in 2019), Pitsanuvej Uttaradit (green field hospital operated in March 2019) and PRINC hospital Uthai Thani (brown field hospital planned in operation in 2019). All the hospitals provide multi-disciplinary secondary health care services and only PRINC Suvarnabhumi and Pitsanuvej provide tertiary services. Together, PRINC hospitals have a capacity of 816 patient beds. All of the hospitals in operation are in owned buildings and the new hospitals will also be in owned buildings as Company’s policy."

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

According to IFC, "PRINC is a hospital owner and operator in Thailand with a current network of 640 operational beds across 7 hospitals. The Company also runs a commercial real estate business and has a portfolio of office buildings and land mainly in Bangkok. PRINC is a publicly listed company on the Stock Exchange of Thailand (SET) with 86.35% of shares being held by the Viddayakorn family (the Sponsors) with the balance 13.65% being held by public and institutional investors."

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Principal Capital Public Company Limited Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Principal Capital Public Company Limited
Miss Ritima Jirasuradate
Corporate Secretary
+662 714 7171-3
ritima.ji@principalcapital.co.th
No 29, Bangkok Business Center Building, 23 floor, Soi Sukhumvit 63, Khlong Tan Nuea, Watthana, Bangkok 10110
https://www.principalcapital.co.th/?lang=en

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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How it works