Dennise Williams, Staff Reporter
LEE CHIN
MICHAEL LEE Chin's acquisition wagon has now stopped at the Tangerine Place address of Medical Associates Hospital.
Along with Kingston Wharves, Blue Cross and United General Insurance Company, the Canadian-Jamaican billionaire included it among of his investments in the island. He did this while addressing a Jampro-sponsored investment forum in Canada on Tuesday.
Informed sources say cash has not yet changed hands, but AIC will take a significant stake in the hospital. Mr. Lee Chin's AIC has acquired a string of investments across the Caribbean following the initial investment in National Commercial Bank.
Acquisition of the privately owned medical facility, one of the few hospitals in private hands, is part of AIC's Caribbean-wide thrust to enter the private health care market, the Financial Gleaner was informed. The long term vision is to raise the standard of private health care for Caribbean citizens.
They have also taken over an incomplete hospital in Antigua and are working with Apollo Health Care out of India - the largest hospital management group in India. "AIC is looking at developing health tourism to the point where North Americans and Europeans will come to the Caribbean for treatment."
BABY BOOMERS
Addressing the audience in Canada on Tuesday Mr. Lee Chin said, "the region is poised to become the new hub for "baby boomers who as they get older are seeking sun and sand, but have saturated the Eastern seaboard and Florida."
And in terms of his investments, Mr. Lee Chin said, "We are walking the talk. We are in Jamaica because we see a fantastic opportunity for growth, an opportunity to create phenomenal wealth and an opportunity to do well for the country and the region."
Outside of medical and banking/financial interests, Mr. Lee Chin is also a major stockholder in Columbus Communication Group, the parent company of telecommunications firm, Flow.
Neville Blythe, chairman of the UGI Group stated earlier this week that he has sold over 75 per cent of United General Insurance to AIC, the Financial Gleaner was told.
"Jamaica is an excellent place for investors," said Mr. Lee-Chin. "The country has excellent low risk ratio, the Government welcomes investors with open arms and there is a great pool of employees who are friendly, hardworking, bright and loyal."
He could not be reached for comment.
