PRINC Health

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 Principal Capital Public Company Limited (“PRINC” or the “Company”) headquartered in Bangkok, Thailand has 4 business lines: Private Hospital Business and Management, Property Development, Information Technology Service Business and Business Advisory Services.  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.The total project cost is estimated at US$257 million, and the proposed investment is an equity up to US$30 million equivalent in THB to fund the expansion. The balance of the project cost will be funded through a mix of debt and internal cash generation.