Primorsky

completed

The Project represents construction of a greenfield multi-functional clinic comprising a diagnostic center and a 96-bed general hospital. The new facility will strengthen the Company’s position as a leading private health network in St. Petersburg and will create additional capacity to serve patients needing specialized care (including inpatient care) and referred by primary care satellite clinics. The existing inpatient clinic at Scandinavia hospital (currently operating at close to 100% capacity) will focus on delivery and maternity services while general surgery and inpatient services will be provided at the new clinic. The new clinic will located in Primorsky district of St. Petersburg, a large residential area with population of 500,000 and insufficient existing outpatient and inpatient capacity at public facilities. The Project is expected to cost US$34 million and will be part of the general corporate investment program with estimated cost of US$40 million. The proposed IFC investment will be in the form of an equity investment in the Company of up to US$14 million.