Pakistan’s Maple Leaf Cement subsidiary to construct $110mn hospital in Islamabad

Novacare Hospitals (Private) Limited, a subsidiary of Maple Leaf Cement Factory Limited (MLCF), will construct a $110-million state-of-the-art hospital in Islamabad.

The development was shared by MLCF in a notice to the Pakistan Stock Exchange (PSX) on Monday.

“Novacare Hospitals (Private) Limited, a wholly-owned subsidiary of the company, will start constructing a state-of-the-art hospital in Islamabad, and has signed an international affiliation agreement with Imperial College Healthcare NHS Trust, a leading UK teaching hospital group,” read the notice.

MLCF in its notice shared that the total investment in the project will be $110 million, and the hospital will be located on a 50-Kanal plot in DHA Phase-V, Islamabad.

“The 250-bed hospital will have a covered area of 550,000 square feet and will provide comprehensive tertiary healthcare across 28 clinical services,” it added.

MLCF shared that the hospital is being designed by HKS Inc., a US-based global design firm.

“As a result of its affiliation with Imperial College Healthcare, Novacare will benefit from the expertise of a leading UK teaching hospital group. Novacare will gain expert advisory input from Imperial College Healthcare on models of care, services, and staffing, and aims to implement their clinical standards and protocols.

“Through these measures, Novacare intends to achieve the same standards of healthcare as is delivered at Imperial College Healthcare’s five London hospitals,” it added.

Incorporated in Pakistan on 13 April 1960 under the Companies Act, 1913, MLCF’s is engaged in the production and sale of cement. The company is itself a subsidiary of Kohinoor Textile Mills Limited.

As per MLCF’s consolidated financial statements for the first six months of financial year 2023-24 ended 31st December 2023, the company reported a consolidated pre-tax profit of Rs5,387 million for the reporting period, compared to a profit of Rs. 6,058 million in the corresponding period.

Last year, Sindh Institute of Urology and Transplantation (SIUT) Trust, one of the leading healthcare institutions in Pakistan, expressed its interest in purchasing Karachi’s Regent Plaza, a four-star hotel in the country’s financial hub, for Rs14.5 billion (nearly $52 million).

The SIUT Trust in its letter announced that it has “decided to acquire the property of Pakistan Hotels Developers Limited’s (PHDL) referred to as Regent Plaza Hotel at Shahrah-e-Faisal, Karachi”.