Chemistry Holdings Limited

South Asia Health

STS operates a 425-bed multi-disciplinary hospital in Dhaka with healthcare providers across 20+ specialties and is currently developing a new, 350-bed facility in Chittagong. STS aims to improve the lives of the community it serves by treating communicable and non-communicable diseases through its secondary and tertiary care facilities.

Our investment

Evercare and CDC Group have acquired a controlling interest in STS Holdings Ltd (STS). STS joins the Evercare network of hospitals that operate across South Asia and Africa and will provide immediate additional scale to the Evercare platform, significantly increasing the number of patients served.

  • Supporting provision of healthcare (SDG 3)
  • Supporting economic opportunities by creating jobs (SDG target 8.5)

CDC's investment will support completion of a new hospital and enable growth of the business. CDC's investment will support STS to create new jobs and grow the nursing college.

Stakeholder Geography Characteristics


  • Middle-income (inpatient care).
  • Low-income (outpatient care) with c.45% of the patients from outside Dhaka.


85% are local talent and majority of workforce are women.

Scale Depth/Duration
  • Patients: Supporting an increase of c.380,000 patients annually by 2025.
  • Employees: Supporting the creation of 950 new jobs by 2025.

The healthcare provided will help lower mortality rates of those treated, this is particularly important in Bangladesh where there is currently limited provision of quality tertiary care. Jobs offer an emphasis on deepening training opportunities.

Grid Score Contribution

To help us direct our investments, we use a tool called the Development Impact Grid. The Grid scores every investment we plan out of a score of four, based on two factors: the difficulty of investing in the country and whether investment in that sector will lead to jobs.

  • Capital not offered in sufficient quantity and not offered on the same terms.
  • CDC will support resource efficiency efforts through resource audits and assessment for EDGE certification, where EDGE certification would entail a minimum 20% reduction in resource intensity.
  • CDC will also support STS through developmental strategies to expand access to healthcare provision and training; knowledge and advice from CDC's on-the-ground presence in Bangladesh; and in developing an integrity risk management framework, improving governance and oversight, and mitigating operational risks.

Execution: the impact relies on the Chittagong hospital being brought online and treatments scaled up. Alignment: CDC has worked to secure Alignment between all investors and the management team through a value creation plan. External: Cash payments for patient referrals are a common practice in Bangladesh's healthcare sector and these fees can distort the market providing the wrong incentives for appropriate healthcare. We are working with STS to phase referral fees out.

Environmental and social aspects

CDC is helping to ensure international E&S standards are applied at the operational hospital and integrated into the hospital under construction. CDC will also seek to draw on its experiences to actively support areas such as resource efficiency and skills development.

Key facts


Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

South Asia

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people.

Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

Direct Equity
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

December 2019

For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that CDC has committed to the fund.


This is the investee company’s place of incorporation; or a fund’s jurisdiction.