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Puerto Rico Chamber of Commerce News
Puerto Rico Health Sector Attracting Attention from Investors
SAN JUAN, Puerto Rico, Jan. 29 PRNewswire — The recent IPO of Triple-S, the local BlueCross BlueShield Licensee, and a demographic shift are fueling investor interest in this sector as demand for health services is likely to grow in Puerto Rico.
Triple-S issued 14 million shares at $14.50 in early December — since then the shares have appreciated approximately 24% as of the third week of January. As the largest health insurance company in Puerto Rico, the success of its IPO has served to attract the attention of analysts to the Puerto Rico health market. Analysts at Oppenheimer, Credit Suisse, UBS and Citigroup expect the company's shares to continue appreciating further in the following months, according to reports issued in January and covered by El Nuevo Dia, Puerto Rico's largest daily.
Furthermore, another development fueling demand in this sector is the expanding population of residents 65 and older, the fastest growing segment of the population. This segment is expected to grow at an annual rate of at least 2.5% until 2010, whereas in the continental U.S. the growth rate for that same age group is 1.7%.
The Puerto Rico Conference 2008 — "Investment for Growth," hosted by the Puerto Rico Chamber of Commerce February 19 & 20 in San Juan, has two panels that will focus on the prospects for this market. In the first plenary session, Ramon Ruiz, CEO of Triple-S Management, will speak publicly for the first time about the company's IPO in December of 2007 and what this means to its current and future operations. The second session is a concurrent one and will focus on the insurance and health market. It will include Rene Campo of Cooperativa de Seguros Multiples, one of the island's largest property and casualty companies; Dr. Richard Shinto, President of Aveta and CEO of MMM in Puerto Rico (MMM is the island's largest provider of Medicare Advantage plans); Socorro Rivas, president of Triple-S, the largest health insurer on the island; Maureen Spivack, Managing Director Global Healthcare UBS Securites; and Joaquin Rodriguez, Chairman of the Board & CEO of Grupo HIMA- San Pablo, one of the largest hospital companies in Puerto Rico. Grupo-HIMA is issuing $75 million in preferred stocks in Puerto Rico to finance its growth plans.
The Puerto Rico Conference, to be held at the Ritz Carlton Hotel, is aimed at presenting investment opportunities in Puerto Rico. "There are major developments taking place in the health and insurance industries that offer great opportunities to interested investors. That is why we included two sessions on the subject," said Francisco Rodriguez-Castro, Organizer and Chair of the Conference. "We are very happy with the response we have received so far about our program. This is the type of event where the Puerto Rico Chamber of Commerce excels."
"We are getting a lot of interest from investors in the U.S. and Puerto Rico as well as from people who have called from Europe and South America," added Jose Julian Alvarez, Chairman of the Board of the Puerto Rico Chamber of Commerce.
The conference will also focus on a general presentation of Puerto Rico's economy, Puerto Rico's international strength as a biotechnology center, banking, financing vehicles available, real estate investment trusts as a new investment opportunity in Puerto Rico, and developments in tourism, retail and communications.
The Puerto Rico Chamber of Commerce is a non-profit organization established in 1903. It is the most inclusive multi-sector organization on the island and it has traditionally been the voice that represents the private sector. Each year, multiple events, such as this one, are organized to promote and facilitate opportunities that will support the socioeconomic development of Puerto Rico. To make reservations and/or obtain more information, log on to http://www.camarapr.net, or call 1-787-721-6060 extension 2209 from Monday to Friday during work hours (8:00 a.m. to 5:00 p.m.).
SOURCE Puerto Rico Chamber of Commerce
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