PRINC is a hospital owner and operator in Thailand with a current network of 640 operational beds across 7 hospitals. The Company also runs a commercial real estate business and has a portfolio of office buildings and land mainly in Bangkok.

PRINC is a publicly listed company on the Stock Exchange of Thailand (SET) with 86.35% of shares being held by the Viddayakorn family (the Sponsors) with the balance 13.65% being held by public and institutional investors.

 PRINC is planning to expand its hospital network by increasing its existing capacity from 7 hospitals to 15-20 through a mixture of greenfield development and strategic acquisitions (the Project). The total project cost for the expansion is estimated at US$257million.  IFC is proposing an equity investment of up to THB909 million (equivalent to US$ 30 million).

 The location of hospitals planned by PRINC will be across Thailand and mostly outside Bangkok.  These sites are typically in urban areas with a relatively small footprint of around 12,000 m2 area per hospital.

 This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability because a limited number of specific environmental and social impacts may result which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria. 

Key E&S (Environment and Social) risks and issues associated with this project include: (a) adequate social and environmental assessment of the impacts for acquisitions and greenfield hospitals; (b) company’s staffing, capacity and systems to manage social, environmental, health and safety aspects of its existing and proposed operations in compliance with legal requirements as well as PSs and applicable World Bank Group (WBG) Environment, Health and Safety (EHS) Guidelines (General and Health Care Facilities); (c) assurance of fair, safe and healthy working conditions during both construction and operation; (d) management of wastes (particularly hazardous and biomedical waste) and effluents; (e) LFS management for all buildings in accordance with WBG General EHS Guidelines and National Building Act; and (f) resource efficiency (water and energy efficiency).