Ceylinco Life invests in a substantial stake in Kings Hospital

Ceylinco Life has invested in a major stake in Kings Hospital (Pvt) Ltd, one of the newest and most modern private hospitals in Sri Lanka, enlarging the company’s footprint in the healthcare sector and diversifying its investment portfolio.

The company said in a statement that this strategic investment has been made via a private placement with an option to further increase its holding in the 120-bed hospital.

Ceylinco Life will take up proportionate representation in the Kings Hospital Board which will catalyse its next growth phase. Synergies between Ceylinco Life and Kings will enhance value for all stakeholders, the statement said.

Ceylinco Life is the market leader in the country’s life insurance sector and is already a pioneer in the healthcare sector. The company’s wholly-owned subsidiary Ceylinco Healthcare Services Limited (CHSL) set up the first private sector radiation therapy centre in Sri Lanka for the treatment of cancer, and installed the country’s first Linear Accelerator as well as the first TomoTherapy unit, which is to date the only facility of its kind in Sri Lanka. Ceylinco Life also manages the Golden Key Eye and ENT Hospital.

Commenting on this latest milestone in the company’s evolution, Ceylinco Life Chairman Rajkumar Renganathan said: “Globally, life insurers and healthcare providers have established strategic partnerships with each other to reap the inherent and complementary synergies. This strategic investment capitalises on synergies, thus creating additional value for all stakeholders including Ceylinco Life policyholders.”

He said Ceylinco Life has established strong links, affiliations and collaborations with numerous healthcare institutions including Apollo Hospitals of India and now Kings Hospital, Colombo, to widen access to affordable treatment and diagnostics.

Dr. Palitha Abeykoon, Chairman of Kings Hospital said: “We are delighted to welcome Ceylinco Life as a key partner in our hospital and look forward to working closely with the company’s management team to execute the next phase of our development.”

Founded by a consortium of renowned medical practitioners and staffed by many of the leading medical specialists in the country including the founders, and a well-trained nursing care team, Kings Hospital is an ultra-modern multispecialty hospital located at Narahenpita in Colombo. It was established with the acquisition of the Oasis Hospital in March 2017 and was purpose-built with modern architectural designs, equipment and services.