business_20150331

7/23/2019 BUSINESS_20150331

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Section 1

Business operation

1. BUSINES S P O L I C Y AN D OVERA LL O P E RA T I O N

Bumrungrad Hospital Public Company Limited (the “Company”) operates a private hospital

business in Bangkok with !" licensed beds and capacity over #"" outpatients per day (as o$ %&'ecember "&)* +he Company is one o$ the leading healthcare providers in +hailand and in the

,outheast -sian region# providing complete healthcare services $or both outpatients and inpatients * +he

Company has always emphasi.ed the importance o$ /uality healthcare and e0perienced physicians

and sta$$* Bumrungrad 1nternational Hospital# Bangkok is the $irst hospital in -sia to receive the

2, standard accreditation $rom the 3oint Commission 1nternational (3C1)* +he hospital has also received

3C14s Clinical Care Program Certi$ication (CCPC) $or specialties programs including the Primary

,troke Program# -cute 5yocardial 1n$arction# 'iabetes 5ellitus +ype 1 and 11 and Chronic 6idney

'isease ,tage 1 to 17* Besides# the Company is the $irst hospital which was approved by +hai Hospital

-ccreditation (H-)*

1.1 Vision / ission / Va!ues

7ision85ission9

Bumrungrad aspires to provide the best care with science# compassion# and integrity $or

each o$ our patients

7alues9

&* Compassionate Caring9 :e care with compassion $or our patients# each other# our

community and our environment*

* -daptability# Learning# and 1nnovation9 :e strive to innovate# learn# improve# meet

challenges with a positive attitude and adapt to a changing world*

%* ,a$ety# ;uality with 5easurable <esults9 :e evaluate ourselves by the measurable

/uality o$ care and sa$ety we provide to our patients# and the results we return to our colleagues and

stakeholders*

* +eamwork and 1ntegrity9 :e work +=>?+H?< and treat our patients and

stakeholders with respect# honesty and integrity*

1." Co#pan$ %istor$

1&'() Bumrungrad Hospital was opened in the central Bangkok area with a capacity o$ " beds*

1&'&) Bumrungrad Hospital Public Company Limited (the “Company”) became a listed company on

the ,tock ?0change o$ +hailand*

1&&*) +he hospital opened the new replacement $acility with capacity o$ beds *

1&&&) Bumrungrad Hospital received 1,=@"" certi$ication and was the $irst private hospital in

+hailand to receive +hai Hospital -ccreditation (H-)*

"((() +he Company voluntarily re/uested $or the suspension o$ the trading o$ its shares on the ,tock

?0change o$ +hailand (,?+)# as the Company was in the process o$ negotiating with its creditors on the

debt restructuring* 1n -ugust o$ the same year# the Company success$ully completed its debt

restructuring*

"((1) Bumrungrad Hospital received 1,=&""& standard $or its environmental management# and was the

$irst hospital in -sia to receive 1,=@""&9""" accreditation* 1n addition# it was the $irst hospital to receive

the renewal o$ +hai Hospital -ccreditation (H-)*

"((") Bumrungrad Hospital was the $irst hospital in -sia to receive the highly prestigious

international standard hospital accreditation by the 2,Abased 3oint Commission 1nternational

-ccreditation (“3C1-”)*

"((+) +he Company succeeded in trans$erring its securities to the Healthcare ,ervice ,ector and the

Company4s shares commenced trading on the ,?+ again on @ =ctober ""%* 1n addition# the

Company started its e0pansion plan by building a new outpatient $acility to accommodate the increase in

demand*

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"((,) +he Company reduced its par value $rom Baht &" per share to Baht per share and used all the

reduced paidAup share capital to settle against retained loss* 1n addition# the Company changed its par

value $rom Baht per share to Baht & per share (share split)* =n the international e0pansion#

Bumrungrad 1nternational Limited4s policy was changed $rom providing consulting and management

services to investments in hospitals in the region*

"((-) Bumrungrad 1nternational Limited invested an e$$ective shareholding o$ %* in -sian

Hospital 1nc* (“-H1”) which is the operator o$ %Abed private hospital in 5anila# the Philippines at

that time*

"(() Bumrungrad 1nternational Limited (“B1L”) made a @ investment in Bumrungrad Hospital

'ubai LLC# the operator o$ a "Abed private hospital in 'ubai# 2nited -rab ?mirates* 1n addition# B1L

increased its capital through an issuance o$ #D#"& new shares to strategic partners# +emasek#

1stithmar and Bangkok Bank Public Company Limited* -s a result# the Company4s shareholding in

Bumrungrad 1nternational Limited was decreased $rom &"" to & *

"((*) Eor the e0pansion o$ the Bangkok $acility# the Company completed the construction o$ the new

Bumrungrad 1nternational Clinic Building and opened the Health ,creening Center on the && th $loor

and the parking in the beginning o$ "" * 1n ""# Bumrungrad 1nternational Limited (“B1L”) increased

its capital $rom Baht &#&D#"#&"" to Baht #@#%%D#"" in two tranches9 the $irst tranche to allow

-sia Einancial Holdings >roup to become a &@* shareholder in B1L# resulting in a decrease in the

Company4s shareholding in B1L $rom & to %&*F and the second tranche to raise additional capital $or

B1L4s investments* B1L invested 2,G million $or a &"" stake o$ -sia <enal Care Limited (“-<C”)#

the largest private provider o$ dialysis and related services in -sia* -lso# B1L signed a $ourAyear

agreement with the Health -uthority o$ -bu 'habi to manage 5a$ra/ Hospital in -bu 'habi# 2nited

-rab ?mirates* 1n addition# B1L converted management $ees received $rom -H1 in the Philippines

into e/uity stake# resulting in an increase in its shareholding in -H1 $rom %* to * as at %&

'ecember ""*

>lobal Care ,olutions (+hailand) Company Limited (“>C, +hailand”)# the Company4s %" associatedcompany# sold its so$tware and other assets to the 5icroso$t >roup# resulting in a share o$ pro$it $rom

>C, +hailand o$ Baht !@ million in the $ourth /uarter o$ ""* >C, +hailand then changed its name$rom >lobal Care ,olutions (+hailand) Company Limited to C'? +rading Company Limited*

"((') Eor the Bangkok $acility# the Company held a grandAopening o$ the new Bumrungrad

1nternational Clinic Building in 3une ""!# with seven additional $loors opened# o$ which $our $loors are

outpatient clinics* +he hospital also invested in maor technologies to improve its /uality o$ service

especially $or patient sa$ety# including the new stateAo$AtheAart# $ullyAautomated drug management

system# the IPharmacy <obot4# which is the $irst o$ its kind in -sia# and +hailand4s $irst modern medical

lab automation system# Beckman Coulter4s Lab -utomation* 1n addition# the Company bought back BH

+ower $rom Bangkok Bank Public Company Limited $or Baht " million * Eor the international business#

in Eebruary ""!# Bumrungrad 1nternational Limited (“B1L”) increased its paidAup capital $rom Baht

#@#%%D#"" to Baht %#&@@#%%D#""* +he $und was used $or the e0pansion o$ -H1 in the

Philippines# consisting o$ the construction o$ a new hospital building* -s B1L was the only shareholder that participated in -H14s capital increase# together with the conversion o$ management $ees into e/uity

stake# B1L4s shareholding in -H1 increased $rom * to * as at %& 'ecember ""!*

1n 'ecember ""!# the Company# together with -sia <enal Care (,?-) Limited (“-<C (,?-)”)# whichis B1L4s &"" subsidiary# through -sia <enal Care Limited# $ormed a oint venture# -sia <enal Care(+hailand) Co*# Ltd* (“-<C +hailand”)# with registered and paidAup capital o$ Baht & million* +heCompany has & shareholding in -<C +hailand while -<C (,?-) holds the remaining @*

"((&) 1n Eebruary ""@# -<C +hailand made a " investment in Jephromed Co*# Ltd*

(“Jephromed”)# a dialysis service provider with & clinics in +hailand at the time* :ith -<C (,?-)

directly holding another " in Jephromed# the group4s collective shareholding in Jephromed is

D"*

1n Jovember ""@# Bumrungrad 1nternational Limited (“B1L”) sold all o$ its shares in Bumrungrad

Hospital 'ubai LLC back to 1stithmar :orld >roup* B1L had made provision $or the investment in its""! $inancial statements upon the temporarily suspension o$ the proect* 1n addition# as at %&

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'ecember ""@# B1L4s shareholding in -H1 was at D*# an increase $rom *# as a result o$ the

conversion o$ management $ees into e/uity*

1n addition# in ""@# two &""Aowned subsidiaries have been incorporated9 (&) -sia >lobal Health

Limited (->H) was registered in Hong 6ong in 5arch ""@# with paidAup capital o$ H6G *! million# or

appro0imately Baht *"! million# with the obective to seek investment opportunities in healthcare

and related businesses in the regionF and () -sia >lobal <esearch Company Limited (-><) wasincorporated in 3une ""@# with registered capital o$ Baht " million# and with the obective to provide

clinical research and related services*

"(1() Eor Bumrungrad Hospital# Bangkok# the renovating and upgrading all o$ its inpatient rooms was

completed# the number o$ available beds has been ! beds*

1n 5arch "&"# the Company received two additional diseaseAspeci$ic 3C1 Certi$ications9 'iabetes

5ellitus and Chronic 6idney 'isease* +he Company opened new :omen Center at the second $loor o$

Bumrungrad Hospital building*

1n 5ay "&"# Bumrungrad 1nternational Limited signed a share purchase agreement in relation to the sale

o$ all the shares o$ -<C to Eresenius 5edical Care Beteiligungsgesellscha$t mbH (“Eresenius

5edical Care”)# a company incorporated in >ermany* -<C is a &"" indirectly owned subsidiary o$

Bumrungrad 1nternational Limited* 1n tandem with the above sale# the Company signed a share

purchase agreement to sell all o$ the -<C +hailand shares held by the Company o$ & to

Jephrocare (+hailand) Co*# Ltd*# an a$$iliated company o$ Eresenius 5edical Care*

1n 3une "&"# the Company opened new 'igestive 'ecease Center*

"(11) 1n 5arch "&&# the Company# ac/uired common shares o$ Bangkok Chain Hospital Plc* (6H)

doing business as 6asemrad Hospital >roup in an amount o$ &#D#""" shares or e/uivalent to

*@@ o$ total issued and paidAup shares at ac/uisition price o$ Baht !*" per share* +he transaction

value is Baht %#D*@ million (included investment ac/uisition e0penses)* 6H became an associated

company o$ the Company as o$ &! 5arch "&&* +he Company recogni.ed its share o$ pro$it (loss) o$

6H as o$ the second /uarter o$ "&&*

1n -pril "&&# Bumrungrad 1nternational Ltd* registered with the 5inistry o$ Commerce to reduce its

registered and paidAup share capital $rom Baht %#&@@*% million (%&#@@%#%D ordinary shares at par

value o$ Baht &""*"" each) to Baht &#&D*" million (&&#D"#""" ordinary shares at par value o$ Baht

&""*"" each)* +he associate4s share capital reduction was made in accordance with a resolution o$ the

?0traordinary >eneral 5eeting o$ its shareholders held on & 5arch "&&* +he Company received a

return o$ share capital in proportion to its %&* shareholding in the associate on &@ -pril "&&#

amounting to Baht D&*D million (D#%%#"D shares at a value o$ Baht @D*& each)* Bumrungrad

1nternational Ltd remained an associate o$ the Company*

1n ,eptember "&&# the ?0traordinary >eneral ,hareholders4 5eeting o$ the Company4s subsidiary

(-sia >lobal <esearch Ltd*) approved the increase o$ registered share capital $rom Baht "*" million

(*" million ordinary shares o$ Baht &"*"" each) to Baht "*" million (*" million ordinary shares o$

Baht &"*"" each)# through the issuance o$ %"*" million additional ordinary shares with a par value o$

Baht &"*"" each# $or o$$er to its e0isting shareholders at Baht &"*"" per share* +he Company

purchased all o$ the additional ordinary shares and paid $or the share subscription on &% ,eptember

"&&* +he subsidiary registered the increase o$ its capital with the 5inistry o$ Commerce on &

,eptember "&&*1n Jovember "&&# B1L entered into a ,hare Purchase -greement $or the sale o$ all o$ its interests in

companies in the Philippines related to -sian Hospital# 1nc* to 5etro Paci$ic 1nvestment Corporation# a

company incorporated in the Philippines* ,ubse/uently# on D 'ecember "&&# the most signi$icant

aspects o$ the sales transaction were completed including the trans$er o$ control over these

companies to the buyer* 1n 'ecember "&&# B1L also noti$ied ,?H- that B1L decided to not renew the

Hospital 5anagement ,ervices -greement in relation to 5a$ra/ Hospital in the 2-? *

+he Company determined a need to ac/uire additional land to support the e0pansion o$ its Bangkok

hospital business* 1n this regards# the 1nvestment Committee had considered and approved the

proposal to ac/uire additional land $or totaling A"A@ <ai (located at Petchburi <oad)*

1n 'ecember "&&# ?0traordinary >eneral 5eeting o$ ,hareholders Jo* &8"&& has approved the

issuance and o$$ering o$ debentures by the Company to 1nstitutional and high netAworth investors in

compliance with the noti$ications o$ the ,ecurities and ?0change Commission at % tranches withtenors o$ # and &" years (principal amount Baht #""" million)* -nd also to e0tend the tenure o$ the

Convertible Bonds $or additional years# maturing on % -ugust "& but the security o$ the

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Convertible Bonds be released in accordance with the same term on % -ugust "&%* +he Company

also sold @#D!" shares at price o$ Baht @*!" per share or Baht *% million in its subsidiary#

Bumrungrad 5edical Center Ltd* (“B5C”) to a third party# resulting in a loss incurred $rom sales o$

investment o$ Baht &*" million* +he loss was included in the pro$it or loss $or the year ended %&

'ecember "&&* +he Company4s shareholding in B5C decreased $rom &"" percent to & percent* B5C

remained a subsidiary o$ the Company*

"(1") 1n 5ay "&# to increase e$$iciency $or using o$ the land and in consistence with the business

e0pansion# the Company ac/uired the additional land (% s/*wah) adacent to land previously ac/uired by

the Company on Petchburi <oad (totaling A%A@&* <ai)*

1n 3uly "&# the Company divested @!#!#!"" common shares# e/uivalent to *@@ o$ the total

issued and paidAup shares o$ Bangkok Chain Hospital Plc* (BCH)* +he transaction value is Baht

#D%* million*

1n ,eptember "&# to provide e0pansion capability# the Company ac/uired %#"""#""" shares

common shares o$ <uenmongkol Co*# Ltd*# representing &"" o$ <uenmongkol Co*# Ltd*4s issued and

paidAup capital* +he total amount o$ transactions was Baht &#"%*&& million* (<uenmongkol owns the

land appro0* %A%A* <ai on ,ukhumvit ,oi &)*

1n ,eptember "&# the Company sold D%# shares (in -B,PC >roup Co*# Ltd* (previously named

Bumrungrad 5edical Center Co*# Ltd* representing & o$ -B,PC >roup Co*# Ltd*4s issued and paid A

up capital# at the average price o$ Baht per share* +he total amount o$ transactions was &#@#@! Baht*

'uring "&# an associate (Bumrungrad 1nternational Ltd*) registered with the 5inistry o$ Commerce to

reduce its registered and paidAup share capital times# & 5ar "&%# &! 5ay "&%# % 3uly "&% and

,eptember "&%9 $rom Baht &#&D*" million to Baht *D million (#@%! ordinary shares at par value o$

Baht &""*"" each)* +he associate4s share capital reduction was made in accordance with a resolution o$

its shareholders meetings* +he Company received a return o$ share capital in proportion to its %&*

shareholding in the associate# amounting to Baht %D&*! million* Bumrungrad 1nternational Ltd* is

still an associate o$ the Company*

1n "&# the Company has been recogni.ed by thirdAparty organi.ations $or its achievements in

various areas and received awards as $ollows9

&* Bumrungrad receives Happy :orkplace award $or “'o >ood $or the 6ing” C,< campaign $rom

the +hai Health Promotion Eoundation* +he award is part o$ a program started by business#government and nonAgovernment sectors*

* Bumrungrad named a IHappy :orkplace4 $rom +hai Health Promotion Eoundation*

%* +rusted Brand -ward "& $rom <eaders 'igest

* Bumrungrad named a IC,< +hailand9 " >ood Practices in "& $rom +hai C,< Jetwork o$

+haipat 1nstitute*

D* IBest Practice :orkplace4 in the IlargeAenterprise without Eederation o$ Labor 2nion4 category by

the 5inistry o$ Labor $or the $ourth consecutive year *

"(1+) 1n 5ay "&# the Company opened the remaining $ive $loors in Bumrungrad 1nternational

Clinic BuildingF that consisted o$ additional clinic $loors and one $loor $or education and con$erence

$acilities* -s a result# the hospital4s outpatient capacity increased to #"" patients per day* 1n

addition the Company $inished the construction and renovating ! inpatient beds on &

th

$loor o$ theBumrungrad 1nternational Hospital Building at the end o$ "&%*

1n 3une "&%# to ac/uire a $ull road $rontage o$ the land on Petchburi <oad# the Company ac/uired the

additional land (@ s/*wah) adacent to the e0isting land owned by the Company on Petchburi <oad

(totaling A"A& <ai)*

1n =ctober "&%# the Company ac/uired Boss +ower Building (%Astorey building# total building area o$

"#D" s/* m*) with the land area o$ A"A <ai located on <ama 17 <oad* +his building will

accommodate $or back o$$ice space and employee housing $or over &#""" nurses* +he transaction

value is Baht !%*" million*

1n =ctober "&%# a &""Aowned subsidiary# Li$e and Longevity Limited (“LLL”) was registered in

Hong 6ong ,pecial -dministrative <egions o$ the PeopleKs <epublic o$ China# with paidAup capital o$

H6G &""#"""# LLL was incorporated to be a holding company $or overseas investments *

1n "&%# the Company was recogni.ed by thirdAparty organi.ations $or its achievements in various

areas and received awards as $ollows9

&* Bumrungrad named a “"&% Best o$ -siaAPaci$ic 5edical +ourism” $rom Erost ,ullivan

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* Bumrungrad named a IHappy :orkplace4 -ward $rom +hai Health Promotion Eoundation *

%* IBest Practice :orkplace4 in the IlargeAenterprise without Eederation o$ Labor 2nion4 category by

the 5inistry o$ Labor $or the $i$th consecutive year *

* "&% -5CH-5 C,< ?0cellence -ward $rom +he -merican Chamber o$ Commerce in

+hailand (-5CH-5)

"(1,) 1n 3anuary "&# a @@*@@ subsidiary owned by the Company# Bumrungrad Personnel

'evelopment Center Co*# Ltd* (“BHP'C”) was established $or the education and training in clinical and

healthcare service to Bumrungrad and outside parties with a registered capital o$ Baht #"""#""" *

1n the same month# Li$e and Longevity Limited (“LLL”)# an overseas subsidiary &"" owned by the

Company# together with 1nove0 Holding -># $ormed a oint venture in ,wit.erland# 7italli$e

1nternational -> (“7+L->”)# with registered and paid up capital o$ CHE &""#"""* LLL holds &

shareholding in 7+L -> (another @ is held by 1nove0 Holding ->)* 7+L-> is served as a holding

company $or overseas investment*

1n 5arch "&# the Company together with -EH Healthcare 1nvestment Limited established an

oversea subsidiary# Health Hori.ons ?nterprises Pte* Ltd* (“HH?”)# with registered and paid up capital o$

2,' "#""" in ,ingapore* HH? is an overseas subsidiary !" owned by the Company (another

" owned by -EH Healthcare 1nvestment Limited) established as a holding company $or overseas

investments* HH? ac/uired &"" o$ the common shares o$ Bumrungrad 5ongolia LLC (“B5L”)#

which holds & o$ the common shares o$ ,eoul ,eniors +ower LLC (“,,+”)# who owns and operates a

@!Abed private hospital in 5ongolia# 2laanbaatar ,ongdo Hospital (“2B,'”)* B5L has registered

and paid up #"!&#""" common shares at the total value o$ 2,' &#%""#"""*

1n Jovember "&# the Company established a @@*@@ owned subsidiary# Bumrungrad Personnel

'evelopment and +raining Center Co*# Ltd* (“BHP'+C”)# with a registered capital o$ Baht #"""#"""#

to provide personnel development and training $or the employees o$ Company and a$$iliated

companies only*

Bumrungrad 1nternational Holding Pte*# Ltd* and Bumrungrad 1nternational Holdings (Hong 6ong)

Limited# &"" owned subsidiaries o$ Bumrungrad 1nternational Limited had conducted a members4

voluntary li/uidation and dissolved on &! =ctober "& and % 3une "& respectively*

+o provide capacity to accept more re$errals $rom within +hailand and around the world# the Companyadded an additional &! 1C2 to the Bangkok campus in -pril "&*

+o increase the clinical capabilities o$ its nursing sta$$# Bumrungrad# developed the $irst private +hai

hospital I,imulation +raining Center4* 1n addition# the Company entered into the 'onation $or

?ducational ,upport -greement with ,t* Louis College to donate D@ 5B $or e0pansion o$ nurse

training program and $acilities o$ ,t* Louis College which will provide an addition D" nurse students

per year* +his cooperation will secure additional nursing sta$$ $or Bumrungrad* +wo other important

advances in the diagnosis and treatment $or the patients# the Company opened +hailand4s $irst dedicated

Cardiac ?lectrophysiology lab (?P Lab)# the most advanced $acility o$ its kind in ,? -sia $or the

treatment o$ irregular heartbeats (arrhythmia) in 3uly "&* +he Company also entered into an

agreement to utili.e 1B5 :atson $or =ncology* +he cognitive computing system developed

collaboratively by 1B5 and 5emorial ,loan 6ettering integrates patient in$ormation into the analysis o$ its database and makes individuali.ed treatment recommendation to provide latest evidence based

care with the best outcome $or Bumrungrad patients with cancer* Bumrungrad is the $irst adopter outside

-merica o$ this cognitive computing tool*

1n "&# the Company has been recogni.ed by thirdAparty organi.ations $or its achievements in

various areas and received awards as $ollows9

&* Bumrungrad named a IHappy :orkplace4 -ward $rom +hai Health Promotion Eoundation*

* IBest Practice :orkplace4 in the IlargeAenterprise without Eederation o$ Labor 2nion4 category by

the 5inistry o$ Labor $or the si0th consecutive year *

%* "& -5CH-5 C,< ?0cellence -ward $rom +he -merican Chamber o$ Commerce in

+hailand (-5CH-5) $or the second consecutive year *

* Bumrungrad was the $irst hospital in +hailand to receive “:estgard ,igma 7eri$ication

Laboratories” by :estgard ;C 1nc*

* "& =utstanding Company Per$ormance -ward by +he ,tock ?0change o$ +hailand

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1.+ Corporate structure (as o$ %& 'ecember "&)

Bumrungrad Hospital Public Company Limited (the “Company”) operates a private hospital business in

Bangkok with the current !" licensed beds and capacity over #"" outpatients per day*+heCompany is one o$ the leading healthcare providers in +hailand and in the ,outheast -sian region#

providing complete healthcare services $or both outpatients and inpatients* +he Company has alwaysemphasi.ed the importance o$ /uality healthcare and e0perienced physicians and sta$$* Bumrungrad

1nternational Hospital# Bangkok is the $irst hospital in -sia to receive the 2, standard accreditation$rom the 3oint Commission 1nternational (3C1)* +he hospital has also received 3C14s Clinical CareProgram Certi$ication (CCPC) $or specialties programs including the Primary ,troke Program# -cute5yocardial 1n$arction# 'iabetes 5ellitus +ype 1 and 11 and Chronic 6idney 'isease ,tage 1 to 17*

Besides# the Company is the $irst hospital which was approved by +hai Hospital -ccreditation (H-) *

+he Company has eight subsidiaries# including (&) 7italli$e Corporation Limited# () -sia >lobal HealthLimited# (%) -sia >lobal <esearch Company Limited# () <uenmongkol Company Limited and () Li$eand Longevity Limited# (D) Bumrungrad Personnel 'evelopment Center Company Limited and ()

Bumrungrad Personnel 'evelopment and +raining Center Company Limited and (!) Health Hori.ons?nterprises Pte* Ltd*

+he Company also has three indirectly owned subsidiaries# including (&) 7italli$e 1nternational ->

(&Aowned)# () Bumrungrad 5ongolia LLC* (!"Aowned as per its shareholding portion in Health

Hori.ons ?nterprises Pte* Ltd*) and (%) ,eoul ,eniors +owers LLC (appro0* &Aowned with control as

per its shareholding portion through Health Hori.ons ?nterprises Pte* Ltd* and Bumrungrad 5ongolia

LLC*)*

+he Company has two associated companies# including %&*Aowned Bumrungrad 1nternational

Limited# %"Aowned C'? +rading Company Limited*

Vita!!ie Corporation Li#ite0 2VTL34 is a pioneer in longevity medicineF integrating predictive#

preventive# reuvenating# and regenerative strategies $or optimal healthy li$estyles* 7ital Li$e brings

together cuttingAedge technologies to provide patients the means to “Eeel Mounger# Look Better# and Live

Longer”* Biomarker analysis# advanced supplementation# to0icity assessments# early detection# andregenerative medicine are key 7ital Li$e analytics *

Asia 5!o6a! 7ea!t% Li#ite0 2A5734 is a company that supports the strategy $or regional

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investment in healthcare and related business*

Asia 5!o6a! Researc% Co#pan$ Li#ite0 2A5R34 is the provider o$ clinical research# both within

+hailand and ,outheast -sia* +he services include (&) contract research organi.ation (“C<=”)# which

per$orms multicenter clinical trials $or international biotech# pharmaceutical and device companies#

and () site management organi.ation (“,5=”)# which manages groups o$ investigational sites to provide /uality research and /uality data*

Ruen#on89o! Co#pan$ Li#ite0

2R34 is the owner o$ land to be used $or business e0pansion at

,ukhumvit ,oi & (appro0* %A%A* <ai)*

Lie an0 Lon8e:it$ Li#ite0 2LLL34 registered in Hong 6ong ,pecial -dministrative <egions o$ the

PeopleKs <epublic o$ China# a holding company $or overseas investments o$ the Company*

Bu#run8ra0 Internationa! Li#ite0 2BIL34 has served as a Company international investment arm*

B1L had $ocused on hospital ownership and management* 1n "&%# B1L ceased its operating activity

and pursued the distribution o$ its $unds to shareholders via capital reduction and loan to

shareholders*

CDE Tra0in8 Co#pan$ Li#ite0 2CDE34 (previously >lobal Care ,olutions (+hailand) Company

Limited) was a healthcare so$tware development company* 1n 'ecember ""# >lobal Care ,olutions

(+hailand) Company Limited completed the sale o$ its core assets# which was the hospital so$tware# and

other assets to the 5icroso$t >roup and changed its name $rom >lobal Care ,olutions (+hailand)

Company Limited to C'? +rading Company Limited* C'? +rading is currently a temporarily dormant

company*

Bu#run8ra0 Personne! De:e!op#ent Center Co.; Lt0. 2B7PDC34 is the personnel

development and training company that provides education and training in clinical and healthcare

service to outside parties*

Vita!!ie Internationa! A5 2VTLA534 is a holding company registered in ,wit.erland thatsupports the strategy $or overseas investment in preventive care# wellness and antiAaging services *

7ea!t% 7ori<ons Enterprises Pte. Lt0. 277E34 is a holding company registered in ,ingapore#

which supports the Company4s strategy $or overseas investment in healthcare and related business *

Bu#run8ra0 on8o!ia LLC 2BL34 is a holding company registered in 5ongolia# which supports

the Company4s strategy $or overseas investment in healthcare and related business*

Seou! Seniors To=ers LLC 2SST34 is a company that owns and operates 2laanbaatar ,ongdo

Hospital in 5ongolia*

Bu#run8ra0 Personne! De:e!op#ent an0 Trainin8 Center Co.; Lt0* >B7PDTC34 is the personnel development and training company that $ocus on improving and e0panding the capabilities in

clinical and healthcare service to the Company and a$$iliated companies only*

". BUSINESS DE S CRI P TIO N S

2nit9 Baht 5illion

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Revenue

Productline

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Group

Healthcare

Healthcare

Operate by %

Shareholdin

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By

Company

Bumrungrad Hospital Pcl.

Vitallife Cor oration Ltd.

7/23/2019 BUSINESS_20150331


& &*% A A AA

Tota! 7ea!t%care 1-;-*" &*.& 1,;"-1 &*.+ 1";'-&1.

<ental Bumrungrad Hospital Pcl* ! "* @ "*D &"*@

<ental <uenmongkol &""*" A "*" & A &A

Tota! Renta! -' (., &- (. 1"(.&

=thers Bumrungrad Hospital Pcl* D &*D !" &*@ &#"!C*

=thers 7italli$e Corporation Ltd* &""*" "*" "*& A

=thers -sia >lobal <esearch Ltd* &""*" & "*& &! "*& CA

=thers <uenmongkol Co*# Ltd* &""*" A A A AA

=thers Health Hori.ons ?nterprises !"*" & "*" A A AA

Pte* Ltd*

=thers Bumrungrad Personnel &""*" & "*" A A A

A'evelopment Co*# Ltd*

Tota! Ot%ers "'( 1.' +(- ".1 1;(-&*.-

Tota! 1-;&1( 1((.( 1,;-1 1(( 1,;(,11((

".1 Pro0ucts an0 ser:ices 0escription

Bu#run8ra0 7ospita! Pu6!ic Co#pan$ Li#ite0 2t%e Co#pan$34

+he Company is the operator o$ Bumrungrad 1nternational Hospital# Bangkok and 2laanbaatar ,ongdo

Hospital in 5ongolia# the main revenue contributor is Bumrungrad 1nternational Hospital*

1n "&# the revenue $rom hospital operations o$ the Bangkok $acility is @*& o$ total revenues*

T%e 7ospita!?s Ser:ices)+he services o$ Bumrungrad 1nternational Hospital# Bangkok can be detailed as $ollows9

&* =utpatient service has %@ clinics8centers with D e0amination rooms# and capacity to serve

over #"" outpatients per day# with the $ollowing details9

N -llergy Center N 3oint <eplacement Center N -rrhythmia Center N 5emory Clinic

N Breast Care Clinic N 5en Center N Children4s (Pediatrics) Center N Jeuroscience Center

N 'ental Center N Jephrology (6idney) Center

N 'iabetes Center N =rthopedic Center N 'iagnostic Center N ParkinsonKs 'isease and 5ovement 'isorders ClinicN 'ialysis Center N Perinatal Center

N 'igestive 'isease (>1) Center N Physical +herapy <ehabilitation

N ?ar# Jose and +hroat Center N Plastic ,urgery (Cosmetic) Center

N ?mergency Center N Pulmonary (Lung) Center

N ?ye Center N ,kin Center ('ermatology)N Eertility Center 17E Clinic N ,leep LabN Health ,creening Center (Check Aup) N ,pine 1nstitute

N Heart Center N ,urgical Clinics

N Hori.on <egional Cancer Center N +ravel 5edicine Center

N Hyperbaric =0ygen +herapy N 2rology Center

N Hypertension Clinic N :ellness -ntiAaging (7italli$e)

N 1ntensive Care 2nit (1C2) N :omen Center

N 5edical Clinics (1nternal 5edicine)

* Licensed capacity $or inpatient service totals !" beds# o$ which including ward beds and

7/23/2019 BUSINESS_20150331


intensive care beds*

1n "&# the Company treated a total o$ over &*& million medical episodes* +he revenue contributions by

inpatient and outpatient in "& are as $ollows9

1npatient vs* =u t p a tient ( o$ tot a l r e ve n u e)

Internationa! Patient Ser:ices)

+he Company has a strong and success$ul track record in increasing its share in the international

market* 1t has an 1nternational Patient ,ervices Center to $acilitate and accommodate international

patients* +he services o$$ered include interpreters# international insurance coordination and

international medical coordinators# re$erral center# email correspondence# visa e0tension counter#

embassy assistance# airport reception and travel assistance* +he Company also has D overseas

re$erral o$$ices in & countries*

1n "&# Bumrungrad 1nternational Hospital treated over &D#""" international medical episodes $rom

over "" countries* +he top three highest revenue contributors by country are 5yanmar# the 2nited

-rab ?mirates and =man*

+he $ollowing graph shows the historical revenue contribution o$ international patients over the past

$ive years*+h a i v s* in te r n at ion a l p at ie n ts ( o $ tot a l r e ve n u e )

O Jote9 1nternational patients are by nationality and include both e0patriates and medical tourists*

T%e Ban89o9 @aci!it$)

-t present# the hospital4s services are conducted in $ive buildings9

&* Bu#run8ra0 Internationa! C!inic Bui!0in8 is a Astorey outpatient $acility# with the $irst ten

$loors being used as parking spaces and the top & $loors as outpatient clinics and ancillary services

together with nonAclinic $loors $or patient services# con$erence and educational $acilities*

* Bu#run8ra0 Internationa! 7ospita! Bui!0in8 o$$ers a combination o$ inpatient and

outpatient services* +he licensed inpatient bed capacity o$ the Bumrungrad 1nternational Hospital

Building is !"*

%* B7 Resi0ence Bui!0in8 o$$ers space on the Bangkok campus $or support $unctions and

$loors o$ parking spaces*

* Vita!!ie Bui!0in8 is occupied by 7italli$e Corporation Limited which provides preventive careservices targeted at healthAconscious individuals*

7/23/2019 BUSINESS_20150331


* Bu#run8ra0 To=er accommodates back o$$ice $unctions and employee housing $or over

&#""" nurses*

T%e U!aan6aatar Son80o 7ospita! in on8o!ia)

-t present# the hospital4s services are o$$ered in the !Astorey building basement# with @! inpatient beds*

"." In0ustr$ an0 Co#petition

1n +hailand# the private hospital sector has evolved $rom small $amily businesses into large

corporations with pro$essional management* 5any are now regularly reviewed by domestic or

international accreditation organi.ations# resulting in improved medical /uality# sa$ety# management

discipline and operating processes* +hese hospitals encourage and attract an increasing pool o$ highly

skilled medical practitioners* Business opportunities and competition are e0panding*

1n "&# the political environment in +hailand that began in &;& contributed to weak volumes and

lower revenue intensity# particularly in the $irst hal$ o$ the year* 7olumes $rom the international

market segment have been signi$icantly more impacted than volumes $rom the +hai and e0pat marketsegments during this period as some countries had travel warnings to +hailand* +he situation

improved with the new interim government taking control# and by ; "& volume growth returned#

partly driven by a recovery in e0ternal demand and also due to the Company4s business strategies*

?conomic and consumer income growth# together with an aging population has encouraged spending on

both necessary and discretionary healthcare* Healthcare providers continued to aggressively market

their services* +hailand4s popularity as both a tourist and medical destination provided m ore patients*

Preventative and wellness services opened market segments beyond the sick* ?0panded networks

reached more suburban and provincial consumers# and gave the biggest providers increased economies o$

scale and bargaining power *

Bangkok continues to host the most private hospitals* 1t has seen not only renovations# e0pansions# and

new campuses in the private sector# but also public hospital developments targeting premium private

hospital market segments* +hais and international patients seeking high /uality treatment in modern$acilities $or serious conditions have more options than ever *

+he Company positions itsel$ at the premium end o$ the domestic market* Eor a $amily in the higher

socioeconomic strata seeking the best available treatment Q o$ten $or a serious medical condition Q

Bumrungrad o$$ers e0cellent doctors supported by e0perienced colleagues# advanced technology and

responsive service# in a com$orting environment* 1t uses a wide variety o$ tools# including mass

media# events# the internet# and onsite communications# to convey these bene$its *

+he global medical tourism industry is e0pected to see continued growth# and +hailand has been one o$

the top destinations* 'emand continues to be driven by two groups9 aging populations in

developed countries with dys$unctional# e0pensive healthcare systemsF and upwardly mobile

consumers in emerging economies where healthcare resources are not su$$iciently developed* +hese

$actors will continue to drive patients across borders in search o$ care* However# they may not have totravel as $ar* +hailand4s strongest competitors were once ,ingapore and 1ndiaF today they include

5alaysia# ,outh 6orea# +urkey and Latin -merica* =ne reason $or our ac/uisition o$ 2laanbaatar

,ongdo Hospital in 5ongolia was to more e$$ectively compete with ,outh 6orea $or re$errals $rom

5ongolia*

-s more countries develop medical tourism strategies and more hospitals get international

accreditation# medical tourism will become more segmented and regional* +he Company believes it

can compete success$ully across a wide variety o$ medical specialties# but its key patient sources will be

within a hal$ day4s $light*

:orldwide competition is growing but hospitals in +hailand have a competitive advantage* +hailand

o$$ers a uni/ue combination o$ high /uality doctors# an appealing service culture# a$$ordability and

long e0perience serving international patients* +he country is also a popular tourist destination with a

good supporting in$rastructure* +he Company bene$its $rom all these characteristics# plus a large#centrallyAlocated campus that provides rapid access to resources that meet virtually all the needs o$ a

typical medical tourist*

7/23/2019 BUSINESS_20150331


1nternational patients travel $or medical e0pertise they cannot $ind at home# so the Company

introduces many o$ its top doctors at events in key source markets* - network o$ D overseas re$erral

o$$ices helps raise awareness o$ the hospital# answer /uestions and coordinate patient visits* +he

Company also seeks to di$$erentiate itsel$ with more transparent pricing and an e0perienced team o$

multicultural medical coordinators and interpreters*

Tar8et ar9ets

+he domestic market can be divided into two types# upperAmiddle to premium class +hais and the

e0patriate community in +hailand* +he international market re$lects primarily medical tourism $rom

countries where there are issues with /uality# access and a$$ordability with their healthcare services* 1n

addition# the Company also targets patients $rom corporate contracts # insurance companies and re$erral

patients both within +hailand and $rom abroad*

Distri6ution an0 ar9etin8 C%anne!s

-n e$$ective way to attract customers is by way o$ obtaining patient re$errals# both within +hailand

and $rom other countries* :ith Bumrungrad 1nternational Hospital# Bangkok as a reputable tertiary

hospital o$ more than %" years# speciali.ing in the treatments o$ complicated diseases# the Company hasestablished e0cellent re$erral connections with hospitals and doctors both within +hailand and abroad*

+he hospital maintains over one thousand corporate and insurance contracts as a method $or

directing patients to the hospital*

Eor its international marketing# the Company has set up D re$erral o$$ices in & countries*

".+ Sources o Pro0ucts an0 Ser:ices

Bumr u ngr a d 1nt e rna t io nal Hospi ta l# B a n g ko k

Cap a cit y -s at %& 'ecember Inpatients "(1, "(1+ "(1"

+otal number o$ licensed bedsO !" D% %!

Beds in operationOD % !C

:eighted total capacityOO "#&! &@#! &!#

=ccupied beds per year (beds) &%#% &%#@"! &%!#!"

:eighted capacity 2tili.ation (percent) DD* *&! ** In April 2014, the Company has increased the licensed beds to 580 and operational beds to 565.** Weihted total capacity is calc!lated by m!ltiplyin the n!mber o" beds in operation #ith the n!mber o" days o" ser$ice

-s at %& 'ecemberOutpatients "(1, "(1+ "(1"

Capacity per day (persons)O #"" #"" #""

-verage outpatients per day (persons) #@D %#"& %#"&

:eighted Capacity 2tili.ation (percent) *&& @*% D*"

Ra= ateria!s an0 Supp!iers

Primary raw materials o$ the hospital business are pharmaceuticals# medical supplies and medical

e/uipment* <aw materials suppliers include both local companies and international distributors with

o$$ices in +hailand* :ith a network o$ over D"" suppliers# the Company is able to source raw materials

without disruption* 1n addition# the Company uses an e$$icient purchasing and inventory control

system to evaluate pricing# e$$ectiveness and /uality o$ raw materials*

En:iron#enta! Co#p!iance

+he Company is $irmly committed to environmental protection and conservation o$ energy and natural

resources* +he Company has established an environmental policy to communicate to employees itsviews on environmental preservation and encourages employees to actively support environmental

7/23/2019 BUSINESS_20150331


protection*

+he Company is committed to minimi.ing its environmental impact on neighboring communities and to

e$$icient use o$ natural resources through energy conservation and materials recycling programs* -ll

employees and contractors o$ the Company are e0pected to $ollow the government4s

environmental regulations and the Company4s environmental policies*

+. RIS @ A CT O RS

Po!itica!; #acroecono#ic an0 natura! 0isasterre!ate0 actors

1n recent years# the hospital industry in +hailand has been a$$ected by a number o$ e0ternal

$actors# including global and domestic economic downturns# political unrest# $lu pandemics and

weatherArelated events*

+he domestic political turbulence stopped +hailand >'P growth at the end o$ "&% and

turned it negative in the $irst /uarter o$ "&* +his a$$ected local consumers4 medical decisions#

particularly about less serious treatment* Protests and economic uncertainty cause many people to

postpone routine care*

+he political situation and the negative international economic environments also were the

additional $actors which a$$ected international medical travel decisions as it triggered $ears about

+hailand4s sa$ety and in some cases prompted travel bans $rom key international source markets *

1n order to minimi.e risk# our strategy does not rely on high volume# low intensity healthcare* 1t

is about serious medical concerns* +he more serious the concern# the more patients and their $amilies

want to be cared $or by the hospital they believe to be the best in the region* 5oreover# the Company

maintains a balanced port$olio o$ international and +hai patients so that our hospital does not rely

e0cessively on revenue $rom international patients* +he Company continues to $ocus on marketing

activities related to the domestic market while continuing to work to attract international patients*

Intensiie0 co#petition in t%e pre#iu# %ea!t%care sector

-s private hospitals in +hailand and across the region continue to develop# competition in the

private healthcare sector continues to intensi$y the risk o$ losing clients to competitors*

1n order to maintain its leading position in +hailand and -sia and to mitigate this risk# the

Company has $ocused on continuing to recruit and attract doctors o$ the highest caliber (especially

subAspecialty e0perts)# providing an ideal pro$essional and clinical environment* :e invested in upAtoAdate e/uipment and in$ormation technology (such as the advanceAbased diagnose and treatment plans

$or =ncology Q 1B5 :atson system)# upgraded and e0panded both inpatient and outpatient $acilities

as well as continuously improved its /uality o$ care and maintained to develop a sustainable leadership

and e0perienced sta$$ *

+he Company4s Bangkok hospital was the $irst hospital in -sia to receive 2, standard

accreditation $rom 3oint Commission 1nternational -ccreditation (3C1-) and has also received 3C14s

Clinical Care Program Certi$ication (CCPC) $or specialty programs# including the Primary ,troke

Program# -cute 5yocardial 1n$arction# 'iabetes 5ellitus +ypes 1 and 11# and Chronic 6idney 'isease

,tages 1 to 17* +he hospital was also the $irst private hospital in +hailand to receive +hai Hospital

-ccreditation (H-) and the $irst to be awarded “+hailand ;uality Class” $rom the +hailand Productivity

1nstitute*

1n addition# we developed the network relationships with many hospitals to re$er complicatedcases there$ore Bumrungrad Hospital has a strong client base o$ re$erral patients both $rom within

+hailand and internationally*

S%orta8e o proessiona! sta

+he hospital business re/uires a large number o$ pro$essional personnel including nurses#

pharmacists and various technicians# with speci$ic technical e0pertise and knowledge* - shortage o$

these pro$essionals is due in part to increasing demand $rom both the private and public sectors *

>iven the importance o$ its international client base# the Company also re/uires multiAlingual

pro$essionals*

1n order to minimi.e risk# the Company o$$ers competitive compensation and bene$its $or its

sta$$ * Bumrungrad Hospital also provides education and training# recreation# sta$$ engagement

proects# scholarships and sta$$ wel$are activities to all sta$$ members* +hrough a decentrali.ed

management structure# the Company also o$$ers e0cellent career paths to various categories o$ sta$$ *

5oreover# in "&# the Company contributed to an academic collaboration with ,t* Louis

7/23/2019 BUSINESS_20150331


College4s nursing program that opens a new pipeline $or top nursing school graduates# including

opened an innovative ,imulation Lab $or nurse training# the $irst such $acility at a private hospital in

+hailand*

Le8a! 0isputes

+he hospital business is subect to litigation risk related to the provision o$ healthcare services byhospital sta$$ and physicians*

+o minimi.e litigation risk# Bumrungrad Hospital has implemented a /uality management

system to ensure that the risk o$ mistakes by BH personnel are minimi.ed and corrected* 1n addition# BH

has various insurance policies in $orce against potential litigation*

,. A S SET S U S ED @O R B U S I NE SS O P ERA T IONS

@ie0 Assets o t%e Co#pan$ an0 its Su6si0iaries -s at %& 'ecember "&

T$pe/C%aracteristics o Assets

&& plots o$ land on ,ukhumvit <d*# a total o$ @ rai% ngarn% plots o$ land on ,ukhumvit <d*#- total o$ rai & ngarnLand at Jew Phetchaburi <oad- total o$ rai & wah plots o$ land on ,ukhumvit ,oi & <d*#- total o$ % rai % ngarn s/*wah plots o$ land on <ama 17 <oad- total o$ rai s/*wahLeasehold rights and land improvement&Astorey hospital building on ,ukhumvit <d*Astorey hospital building

BH +ower 1 and 11 Jurse dormitoryBumrungrad +ower Building and Building 1mprovement A ,ubsidiariesEacility system5edical e/uipmentHospital e/uipment2tensils and $urniture

7ehicles-ssets under construction and installationTota!

Intan8i6!e Assets o t%e Co#pan$ an0 its Su6si0iaries

-s at %& 'ecember "&# the Company and subsidiaries have net intangible assets o$ Baht &D*%

million# most o$ which are computer program used $or hospital business ancillary businesses o$ the

Company and subsidiaries*

Obligations

-

-

-

-

-

-

-

-

-

Book Value

Bahtmillion!

290.8

6

29.!

"

89".!

2

#$0%!.0

"

""6.8

0

#.9#

#$60.6

8

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%8.!

8

O"nership

Status

&'ner

&'ner

&'ner

&'ner

&'ner

"0-(earright

&'ner

&'ner

&'ner

&'ner

&'ner -

&'ner -

&'ner -

&'ner

7/23/2019 BUSINESS_20150331


Tra0e#ar9

+he Company4s subsidiary and a$$iliate have trademarks which have been registered with 'epartment o$

1ntellectual Property# 5inistry o$ Commerce* -t present# two trademarks are being used

commercially as $ollows9

Tra0e#ar9 O6ecti:e o use Re8istration Epir$ DateDate

Eor services including physical therapy# % 5ay "" 5ay "&healthcare# child care# baby delivery#optical services# blood bank services#medical services# medical assistance#

pharmaceutical advisory# medical clinic#dentistry# hospital business# plasticsurgery# rehabilitation service# nurseryand beauty clinic

Eor services including physical therapy# 'ecember D 'ecemberhealthcare# child care# baby delivery# "" "optical services# blood bank services#medical services# medical assistance#

pharmaceutical advisory# medical clinic#dentistry# hospital business# plasticsurgery# rehabilitation service# nurseryand beauty clinic# and $or servicesincluding business management# andsupporting services $or the group

1n addition# the Company4s subsidiary has registered trademark “7italli$e” in other countries*

-. L E5 AL DI SP UTES

-t present# the Company has no legal disputes which will materially impact the Company4s assets andoperations*

. 5ENERAL IN@ORA T IO N

&* Company 1n$ormationBumrungrad Hospital Public Company Limited

Private hospital%% ,ukhumvit ,oi % (Jana Jua) ,ukhumvit <oad

6long +oey Jua# :attana# Bangkok

&"&&""&"C%D"""@@http988www*bumrungrad*comirRbumrungrad*com" DDC &"""" DDC Baht @#C"#D!'ivided into

=rdinary shares o$ @&#&#" shares# par value at Baht & per sharePre$erred shares o$ &#&#DD% shares# par value at Baht & per share

Baht C%"#"#'ivided into

=rdinary shares o$

!#D""#@ shares# par value at Baht & per sharePre$erred shares o$ &#&#DD% shares# par value at Baht & per share

)ame *

+(pe of Business *

Head &,ceddress

*

egistration )o. *

Home page *

/-mail address *

+elephone *

a1

*

egistered Capital*

7/23/2019 BUSINESS_20150331


* ?ntities in which the Company has more than &" shareholdingCo#pan$

&* 7italli$e Corporation Limited

&"

,ukhumvit ,oi &# ,ukhumvit <oad#

6long +oey Jua# :attana# Bangkok &"&&"Phone " DDC %"# Ea0 " DDC %&

* -sia >lobal <esearch Company Limited

,ukhumvit <oad# 6long +oey# 6long +oey# Bangkok &"&&"Phone " DDC &C""# Ea0 " DDC &!""

%* -sia >lobal Health Limited<oom %%C# %rd El* ,outh China C*,* Building#&%A& :ah ,ing ,treet# 6wai Chung# Jew+erritories# Hong 6ong*

Phone (!) !!& !D# Ea0 (!) !!& "%CC

* <uenmongkol Company Limited&&8D ,ukhumvit ,oi & ,ukhumvit <oad# 6long +oey Jua# :attana# Bangkok

&"&&"Phone " DDC &"""# Ea0 " DDC

Co#pan$

* Li$e and Longevity Limited<oom %%C# %rd El* ,outh China C*,* Building#

&%A& :ah ,ing ,treet# 6wai Chung# Jew+erritories# Hong 6ong*Phone (!) !!& !D# Ea0 (!) !!& "%CC

D* 7italli$e 1nternational -> Jeuho$strasse a# Baar# ,wit.erland

C* Bumrungrad Personnel 'evelopment Center Co*# Ltd*

%% ,ukhumvit ,oi % ,ukhumvit <oad#6long +oey Jua# :attana# Bangkok


!* Health Hori.ons ?nterprises Pte* Ltd*

! 5arina Boulevard S"A" 5arina BayEinancial Center# ,ingapore "&!@!&Phone D D%%! &!!!# Ea0 D D%%C &""

@* Bumrungrad 5ongolia LLCChoidogA# Peace -venue# &st 6horoo#,ukhbaatar 'istrict# 2laanbaatar# 5ongoliaPhone @DA"&A@"""# Ea0 @DA"&&A&&D

&"* ,eoul ,eniors +ower LLCChoidogA# Peace -venue# &st 6horoo#,ukhbaatar 'istrict# 2laanbaatar# 5ongolia

Phone @DA"&A@"""# Ea0 @DA"&&A&&D

&&* Bumrungrad Personnel 'evelopment and

#ype o$Business

ellnessCenter

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7/23/2019 BUSINESS_20150331


+raining Center Co*# Ltd*%% ,ukhumvit ,oi % ,ukhumvit <oad#6long +oey Jua# :attana# Bangkok &"&&"Phone " DDC &"""# Ea0 " DDC

&* Bumrungrad 1nternational Limited

%%

,ukhumvit ,oi % ,ukhumvit <oad#6long +oey Jua# :attana# Bangkok


&%* C'? +rading Company Limited%% ,ukhumvit ,oi % ,ukhumvit <oad# 6long +oey Jua# :attana# Bangkok &"&&"Phone " DDC &"""# Ea0 " DDC

%* <e$erence Persons

?M =$$ice Limited%%rd Eloor# Lake <aada =$$ice Comple0# &@%8&%DA&% Jew <aadapisek <oad#Bangkok &"&&"Phone " D "CCC# Ea0 " D "C!@A@"

'amrongtham Law =$$iceD% ,oi ! (,oi Preeda)# ,ukhumvit <oad# Bangkok &"&&"Phone " # Ea0 " D% &&%%

+hailand ,ecurities 'epository Company LimitedD +he ,tock ?0change o$ +hailand Building# th and DthACth Eloor#<achadapisek <oad# 6long +oey# Bangkok &"&&"Phone " @ !!!# Ea0 " %@ &@

Bumrungrad Hospital Public Company Limited%% ,ukhumvit ,oi % (Jana Jua)# ,ukhumvit <oad# 6long +oey Jua# :attana#

Bangkok

&"&&"Phone " DD "# Ea0 " DD "%&

+hai 5ilitary Bank Public Company Limited%""" Paholyothin <oad# 3atuak# Bangkok &"@""Phone " @@ &&&&# " D& @&&&# Ea0 " @@ &C!

,iam Commercial Bank Public Company Limited@ <utchadapisek <oad# 3atuak# Bangkok &"@""Phone " "@# Ea0 " @%C CDD

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7/23/2019 BUSINESS_20150331


business_20150331

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