With plans to build one of the country’s largest healthcare networks, Ayala Healthcare Holdings Inc. (AC Health) has secured new funding from Singapore-based ABC Impact, which acquired a 16 percent stake in the Ayala Corp. (AC) unit.

AC informed the stock exchange on Tuesday that ABC Impact successfully subscribed to 121,089,059 common shares and 208,275,585 redeemable preferred shares of AC Health on Monday, equivalent to about a 16 percent economic stake.

It also executed a Warrant Instrument and entered into a Shareholders’ Agreement with Ayala Corp. and AC Health.

The investment will fund AC Health’s expansion across hospitals, multi-specialty clinics, and retail pharmacies through organic initiatives and acquisitions.

AC Health company targets to grow its network to at least 10 hospitals, 300 clinics, and 1,150 pharmacies by 2027.

AC Health president and CEO Paolo Borromeo had previously said that “the partnership creates valuable opportunities for knowledge exchange, technology transfer, and the adoption of global best practices, further enabling AC Health to raise the bar in care quality, patient safety, and operational efficiency as it moves toward world-class standards.”

Meanwhile, ABC Impact CEO David Heng is committed to leveraging their regional experience to help AC Health strengthen systems and reach more communities.

“We believe AC Health is well-positioned to deliver meaningful social outcomes alongside sustainable growth. Through our regional healthcare experience and impact lens, we aim to support AC Health’s efforts to strengthen systems and serve more communities across the Philippines,” he said.

ABC Impact’s healthcare portfolio includes investments in Vietnam and India. BofA Securities advised AC Health on the deal.

In August, AC Health also partnered with Indonesia’s Dexa Group to widen access to affordable medicines through its Generika and St. Joseph Drug stores, Healthway hospitals, and import arm IE Medica.