Mitsubishi buys stake in Singapore’s Fullerton Health

KUALA LUMPUR - Mitsubishi Corp. acquired a minority stake in Singapore-based Fullerton Health as the Japanese firm moves to expand in South-east Asia.

The investment will help Fullerton Health to boost growth and its integrated and digital services, according to a statement on Aug 26, which confirmed an earlier report from Bloomberg News.

Fullerton Health said it plans to expand in existing markets such as Singapore, Indonesia and the Philippines, and also enter new ones in the region.

“This partnership reflects strong alignment between Mitsubishi and our existing shareholders on the long-term value and industry leadership potential of Fullerton Health,” Ho Kuen Loon, group chief executive officer of Fullerton Health, said in the statement.

The companies didn’t disclose financial terms of the transaction.

Bloomberg reported on Aug 25 that Mitsubishi was nearing a deal to buy about 25 per cent of Fullerton Health, which is backed by private equity firm RRJ Capital.

Representatives for Mitsubishi and RRJ Capital did not respond to a request for comment, while Fullerton did not have an immediate comment.

Japanese companies have been eyeing assets in South-east Asia as they seek to expand and tap the region’s growth potential. In 2024, NTT Data Group bought a majority stake in Malaysian payments firm GHL Systems.

Fullerton Health was valued at close to US$1 billion (S$1.3 billion) when it agreed to sell a majority stake to Far East Drug in 2024, Bloomberg News reported at the time.

Founded in 2010, Fullerton Health owns 479 facilities for corporate healthcare solutions, health screening and diagnostics. It operates in nine markets in Asia, including the Philippines and Indonesia, according to its website.

It has more than 18,000 network providers and handles 12.5 million healthcare transactions a year. BLOOMBERG