AYALA Corp. unit AC Health has formalized a partnership with Singapore-based ABC Impact with the closing of the latter’s acquisition of a 16-percent stake.

In a disclosure on Wednesday, Ayala Corp. said ABC Impact had subscribed to 121,089,059 common shares and 208,275,585 redeemable preferred shares of AC Health as part of a committed investment.

“When we first envisioned AC Health, we knew that we couldn’t achieve our goals alone,” AC Health President and CEO Paolo Borromeo said, adding that “it takes strong, like-minded partners to drive systemic change.”

For his part, ABC Impact CEO David Heng said, “We are very pleased to mark our first health care investment in the Philippines through this partnership with AC Health.”

“We invested in AC Health because we see a strong alignment in values, in leadership, and in the shared ambition to transform health care through better access and integrated care across the country.”

Singaporean Ambassador to the Philippines Constance See called the deal a reflection of the strong ties between Singapore and the Philippines.

“Health care is a powerful example of what is possible when our investors and enterprises collaborate. It is a priority for both our nations,” she said.

With the fresh capital, AC Health targets to expand its network to at least 10 hospitals, 300 clinics and 1,150 pharmacies by 2027.

Shares of AC Health parent Ayala Corp. rose by P1.00 percent to P549.00 apiece on Friday.