44520 - MiCare Equity

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Summary of Investment Information

Project Number

44520

Company Name

MICARE SDN BHD

Date SPI Disclosed

Dec 7, 2020

Country

East Asia and Pacific Region

Region

East Asia and the Pacific

Projected Board Date

Jan 8, 2021

Environmental Category

C - No Impact

Status

Active

Last Updated Date

May 5, 2024

Department

Regional Industry - MAS Asia & Pac

Industry

other

Previous Events

Approved : Mar 16, 2021
Signed : May 20, 2021
Invested : Sep 17, 2021

Sector

other

Project Description

MiCare Sdn Bhd (“MiCare” or the “Company”) is a leading healthcare third-party administrator (TPA) in Southeast Asia that administers and processes medical claims on behalf of insurance companies and self-insured corporate clients according to the insurance policies and employee benefit plans they offer. MiCare is headquartered in Malaysia and also has operations in Thailand and the Philippines.

MiCare is expanding its operations to other countries in Southeast Asia. IFC will provide financing for MiCare’s expansion, particularly for (i) the potential acquisition of TPA providers and greenfield expansion in developing countries in Southeast Asia such as Indonesia and Vietnam; and (ii) capital expenditures and IT infrastructure development in existing countries of operation and target markets for expansion (the “Project”).

Associated Advisory Engagement

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	30.0

Development Impact

At the Project level, expected outcomes include the provision of large-scale, cost-efficient, value-added medical administration services that ultimately contribute to managing healthcare costs and improving health outcomes. This will be achieved through introducing process improvements and leveraging the use of MiCare's proprietary digital tools in new markets. At the market level, IFC anticipates that the Project will enhance competitiveness in the sector through industry consolidation and replication by competitors of improvements and innovations introduced by MiCare.

Through the proposed investment, IFC will support a leading TPA in its regional expansion, as it looks to replicate its successful business model and promote improved access and affordability of quality healthcare across Southeast Asia. IFC's additionality in this Project comes in the form of: (i) long-term financing that aims to mitigate execution and financial risk of MiCare's expansion strategy; (ii) industry linkages and knowledge sharing through WBG's and IFC's expertise and global network of healthcare clients; (iii) corporate governance improvements with the appointment of a nominee director by IFC and the establishment of an audit committee.

E&S Category Rationale / Risks and Mitigation

This is a Category C project according to IFC's Policy on Environmental and Social Sustainability, as IFC's environmental and social (E&S) due diligence indicates that the project presents minimal-low E&S risks and impacts. MiCare is engaged in administering and processing medical claims on behalf of insurance companies and self-insured corporate clients according to the insurance policies and employee benefits plans. The company uses leased office space to operate its business and employs around 600 employees across its operations in Malaysia, Thailand and Philippines. The Company plans to grow its presence in the region, and has identified other countries in Southeast Asia as potential markets. MiCare is certified to ISO 27001, Information Security Management Systems (ISMS). The company’s HR policies are consistent with the requirements of local labor laws as well as IFC PS2 on Labor and Working Conditions. MiCare also has emergency response system in place and firefighting and evacuation drills are conducted regularly. Going forward the company will report to IFC about its ongoing labor/HR practices compliance, as well as report on any E&S incidences.

Contacts

For Inquiries About the Project, Contact

MiCare Sdn Bhd
Mr. Moses Hee
Group CEO, MiCare and Senior Vice President, Zuellig Pharma
+65 6708 8188
moseshee@micaresvc.com
Block A, No.22, Jalan Astaka U8/84, Seksyen U8, Perindustrian Bukit, Jelutong 40150 Shah Alam, Selan
www.micaresvc.com

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Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Local Access of Project Documentation

Block A, No.22, Jalan Astaka U8/84, Seksyen U8, Perindustrian Bukit, Jelutong 40150 Shah Alam, Selangor D.E, Malaysia

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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