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Medical Associates Hospital & Knutsford Court Hotel To Be Transformed Into A State-Of-The-Art Health District – Part 4 The Business Opportunity – Medical Tourism Expansion



JAMPRO, the Jamaican Government’s investment agency, is seeking international collaborations in order to improve medical infrastructure and services in the island with the aim of climbing in the rankings for medical tourism.

Medical tourism is the industry which seeks to encourage people who reside in other countries to come to the island both for excellent medical care in a range of specialties, as well as sun, sea, sand and the warmth of the people of the island.

A PWC report forecast that the medical tourism market would value US$125 billion by 2021 while the wellness market could reach US$808 billion. Internationally, Thailand and India are renowned medical tourism destinations, with millions travelling annually for affordable medical care.

Three known participants in the Jamaican medical tourism industry are the Heart Institute of the Caribbean (HIC), Prosurgicare Services Limited and the Carnegie Hand Institute.

Heart Institute of the Caribbean is described as the first and only premier cardiovascular hospital in Jamaica and the Caribbean at large, which also offers telemetry service with various branches across Jamaica.

HIC is a full diagnostic centre and medical clinic which aims to provide fast, effective, and affordable treatment for all cardiac and cardiac-related illnesses that need urgent treatment by certified specialists. It has an 11-bed intensive care unit. HIC has practice partners across the Caribbean.

Prosurgicare Services Ltd, which is located in Kingston, is a plastic and aesthetic surgery practice headed by Dr Jan Hoctritt. Dr Hochtritt is a German board-certified double specialist with over 20 years of experience. As a general and plastic surgeon, he specialises in aesthetic surgery, breast reconstruction including modern microsurgical techniques, as well as hand and wrist surgery. His skills have assisted a broad range of patients — from cancer survivors and deformed persons to aesthetic patients seeking to augment their beauty.

The Carnegie Hand Institute located in Kingston is headed by Dr Cecil Aird and provides specialised services in the diagnosis, surgical treatment and rehabilitation of the hand and wrist.

JAMPRO notes that there are also investors in the area of medical training for the industry.


In international medical tourism rankings Jamaica is highly rated for the beauty of the island, but scores low overall on medical infrastructure.

The Medical Tourism Index 2020-2021, which provides a comprehensive analysis of the medical travel industry, ranks American perceptions of 46 international health-care destinations, providing insight into how consumers view 41 criteria across three primary dimensions including destination attractiveness, safety, and quality of care.

For the destination criterion, Jamaica ranks 33rd out of the 46 destinations. For the medical tourism industry, it ranks 25. For quality of facilities and services it ranks 44 out of 46 destinations.

Carol Straw, manager of tourism & services at JAMPRO, informed that policy is being developed around which industry expansion can occur.

She stated, “Jamaica, with its established infrastructure for tourism and its highly qualified medical personnel, is well-placed to take advantage of the opportunities afforded by medical tourism. To enable the destination to improve its rankings internationally, there are several actions that are happening or will be taking place,” including liaising with international experts.

Straw said that, with regards to developing the ecosystem for medical tourism to thrive, “we will continue our efforts to identify more local and international players in the medical tourism field who can help the country to grow its own infrastructure. A medical tourism policy has also been drafted for discussion by the Government; this will contribute to creating the necessary framework for medical tourism to grow in Jamaica”.

At the same time, she outlined that the island will see accreditation from new bodies. She said, “While the facilities that are in Jamaica are good, it is important to secure international accreditation to gain the confidence of the medical tourist. The popular accreditation is offered by the Joint Commission International, however, there are other accreditation options available.”

One such option is Temos International, a European accreditation body that provides a more cost-effective option than the Joint Commission International (JCI) accreditation.

Straw said, “This agency has facilitated several sessions (webinars and face to face sessions) with the Jamaican medical community to formally introduce accreditation via this body. Through our work with Temos, we have focused on continuous quality improvement (CQI) in providing high-quality, safe, and competent care for patients, with the best available standards and the best-expected outcomes.

The JAMPRO executive expressed a concern about financing for industry development. She told the Business Observer, “A large part of developing the industry is in the financing. This will enable our doctors to take advantage of the accreditation processes and the opportunities that present themselves in the sector, and develop support personnel such as specialised nurses who help with the delivery of health care. JAMPRO is actively seeking donors who are willing to establish partnerships with local investors.”

At the same time, Straw stated that it is also critical to facilitate investment in health-care workers. Specialist doctors need the support of nurses, laboratory workers and other specialist staff in the build out of their operations.

She concluded that JAMPRO continues to work with local investors who are operating pre-med schools or who are in the process of formalising and building out their operations.


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VMIL Increases Stake In Kingston Properties



Victoria Mutual Investments Limited (VMIL) has today acquired 135,483,871 units of Kingston Properties (KPREIT) shares for a combined consideration of
$1,050,000,000. This transaction increases VMIL’s stake in KPREIT to a total of twenty-three per cent (23%), making KPREIT an associate company of VMIL.

This is in line with the VM Group Vision of being a leading Caribbean-based, Member-focused organisation transforming lives by advancing the financial wellbeing of individuals globally, more specifically by leveraging the collective Real Estate competence embedded within the VM Group.

VMIL expects to benefit from dividend income as well as participation in the strategic direction of KPREIT, going forward. With the acquisition of the
additional shares, VMIL’s 23% stake in KPREIT will result in the Company reporting a share of profit.

This acquisition is in line with VMIL’s thrust to expand its real estate investments.

The addition of KPREIT to the VMIL portfolio adds significant strength to its balance sheet and enhances its business development capacity. VMIL will now have an opportunity to diversify its real estate investments outside of Jamaica, based on KPREIT’s expansive portfolio in other Caribbean jurisdictions and North America.

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I.G.L. To Be Acquired by Massy Gas Products Holdings



Massy Holdings Ltd. (“the Company” announced that on December 19th, 2022 its Board of Directors approved the acquisition of I.G.L. (St. Lucia) IBC Limited by Massy Gas Products Holdings Ltd. (“MGPHL”), a wholly owned subsidiary of the Company.

On December 19th, 2022 MGPHL entered into a Share Purchase Agreement with Caribbean Petroleum Marketing Limited to purchase 100% of the share capital of I.G.L. (St. Lucia) IBC Limited, for US$ 140.3 Million.

I.G.L (St. Lucia) IBC Limited owns 100% of the share capital of IGL Limited, a company that has operated in Jamaica for six decades and whose primary business functions are the distribution of Liquefied Petroleum Gas (“LPG”), manufacturing and distribution of Industrial Medical Gases (“IG/IMG”) and the provision of a range of related services in both segments.

Completion of the transaction remains subject¬ to regulatory approval by the Jamaica Fair Trading Commission.

The acquisition of I.G.L. (St. Lucia) IBC Limited from Caribbean Petroleum Marketing Limited, is part of the Gas Products Portfolio’s growth strategy for its Liquefied Petroleum Gas (“LPG”) and Industrial Medical Gases (“IG/IMG”) business operations in Jamaica.

Currently, the Gas Products Portfolio operates in Jamaica via a subsidiary company and is already involved in the sale of LPG and IG/IMG.

The acquisition will represent a 7.3% increase in the Massy Group’s Assets and will contribute to an increase in the Group’s profit of approximately 7.1%. For the Gas Products Por olio, the acquisition is expected to increase its Profit Before Tax by 29.7%.

Massy Gas Products Holdings Acquires Air Liquide Trinidad And Tobago Limited

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Robert Rowe Sells Florida Based Rowe’s IGA For US$47M to Caribbean Retailer Massy Holdings



Purchase Marks Massy’s First Foray Into U.S. Retail, As Company Eyes Expansion

Massy Holdings, a diversified holding company based in Trinidad and Tobago, has acquired Rowe’s IGA, a seven-store operator in the Jacksonville, Fla., area, for $47 million.

The purchase reflects Massy’s “strategy to expand its retail footprint in the U.S. market,” the company said in a statement.

The stores will operate under Massy’s wholly owned Massy Stores USA subsidiary.

Rowe’s IGA, which was founded in 2005, was owned by Robert A Rowe, who was recently named one of IGA’s 2023 Retailers of the Year by the global independent grocery-store network.

It was not immediately clear whether the stores would continue to operate under the IGA banner. IGA, or the Independent Grocers Alliance, is a voluntary network with more than 8,000 stores worldwide.

Massy, which is publicly traded in Trinidad and Tobago and in Jamaica, operates several retail concepts across the Caribbean, but did not list any retail holdings in the U.S. in its recent annual report. It does have some distribution business in Florida, however, according to the report.

Massy’s retail division includes 60 stores under nine different formats and includes 32 in-store pharmacies and 14 warehouses. The company said it is the leading supermarket operator in the territories where it operates, with formats that also include supercenters, express stores, gourmet stores, pharmacies, home goods stores and a mega-warehouse club in St. Lucia.

Retail operations tallied about $1.1 billion in sales in the most recent year, up 8% year-over-year. Profit before tax in the division totaled about $78.6 million, up 25%.

The Rowe’s IGA acquisition will represent a 1% increase in Massy Group’s assets and is expected to contribute to an increase in the company’s profit before tax of approximately 4%, Massy said in a statement. The acquisition is expected to increase the Massy Group’s retail portfolio profit before tax by 7%, the company said.

Massy Holdings has three main investment portfolios: Integrated Retail, Gas Products, and Motors & Machines, as well as other lines of business.


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Massy Gas Products Holdings Acquires Air Liquide Trinidad And Tobago Limited



Massy Holdings Ltd. (“the Company”) announced that on November 28th, 2022 its Board of Directors approved the acquisition of Air Liquide, Trinidad and Tobago Limited (“Air Liquide”) by Massy Gas Products Holdings Ltd. (“MGPHL”), a wholly owned subsidiary of the Company.

On November 28th, 2022, MGPHL entered into a Share Purchase Agreement with Air Liquide International S.A. to purchase 100% of the share capital of Air Liquide for US$51.5 Million – US$58 Million; with a higher end range related to an earnout that is payable annually based on additional value considerations being met.

Completion of the transaction remains subject¬ to regulatory approval by the Trinidad and Tobago Fair Trading Commission.

The acquisition of Air Liquide, a manufacturer and supplier of industrial gases (oxygen, nitrogen and argon), is aligned with the MGPHL portfolio strategy to focus operations and its growth agenda on its core business.

The acquisition will represent an 11.4% increase in the Massy Group’s assets and will contribute to an increase in the Group’s profit of approximately 3%.

For the Gas Products Portfolio, the acquisition is expected to increase its profit before tax by 14%.

I.G.L. Acquired by Massy Gas Products Holdings

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MFS Capital Partners Set To Acquire Micro Financing Solutions Limited



MFS Capital Partners Limited (MFS) has announced that it has signed a Memorandum of Understanding (MOU) with the shareholders of Micro Financing Solutions Limited to acquire 100% of its shares. According to the MOU, which was signed by both parties on November 28, 2022, the transaction is to be settled within 90 days of the date of the signed agreement and subject to pricing to be negotiated and agreed.

MFS, acquired in May of this year from Stocks and Securities Limited, is a listed private equity firm looking to fully acquire or take positions in mature companies with strong growth potential. Formerly known as SSL Venture Capital Limited (SSLVC), the company underwent a name change and brand overhaul in August after having implemented a new Board of Directors and management team immediately following the acquisition. The completion of this transaction marked the first successful takeover of a listed entity on the Jamaica Stock Exchange since 2020.

Micro Financing Solutions Limited is a Kingston-based private company licensed by the Bank of Jamaica. The company began operations in 2014 as a microlender and licensed cambio, and since then, has expanded its operations into other areas including remittances, bill payment services and large credit. It has also gone on to take equity positions in several other entities. The company is a sub-agent of Lasco Moneygram and Western Union.

Speaking at the Annual General Meeting (AGM) for MFS, held earlier today virtually, CEO, Dino Hinds, announced the company’s intent to acquire MFS Limited, and believes that the deal will be a significant first addition to the MFS’s portfolio. “We are very excited at the signing of this MOU. This acquisition is in keeping with our outlined strategy to target companies involved in money services, investment banking and real estate that show robust growth potential. We look forward to completing this deal, while continuing our due diligence on other prospects in our pipeline.”

This transaction would be the first major deal executed under the new management team, and the sole operating entity in the company’s portfolio. Completion of the deal is subject to regulatory approval.

Micro Financing Solutions Limited is led by CEO, Tamar Webley. Together the company’s leadership team has over 30 years of combined experience in the financial services industry.

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