MiCare Sdn Bhd, a Malaysia-based healthcare third-party administrator (TPA), will be receiving US$30 million in a proposed equity investment from International Finance Corporation (IFC), according to a disclosure posted on IFC’s website.
Photo credit: International Finance Corporation
The capital injection will be used to fund MiCare’s US$100 million expansion plans into Southeast Asian markets such as Indonesia and Vietnam via potential acquisitions of TPA providers. It will also be used for capital expenditures and IT infrastructure development in its existing countries of operation including the Philippines and Thailand.
The company currently has around 600 employees across its operations in Malaysia, Thailand, and the Philippines.
MiCare administers and processes medical claims on behalf of insurance companies and self-insured corporate clients. It manages and administers medical claims for 50 insurers in the region, serving more than 6,500 corporate clients, according to its website. It also builds connectivity applications and infrastructure which help players in the healthcare sector exchange transaction information online.
The company was acquired by Zuellig Pharma Specialty Solutions Group – a healthcare services group in Asia – in 2013. Zuellig Pharma has a 95% shareholding in the company, while Moses Hee, the founder and CEO of MiCare, retained the remaining 5% of shares.
IFC’s proposed equity investment will go into a newly established holding company, which will own 100% of MiCare, according to the disclosure.
Edited by Collin Furtado and Jaclyn Teng
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