THE Securities and Exchange Commission (SEC) has allowed Allied Care Experts (Ace) Medical Center-Tacloban Inc. to proceed with its initial public offering (IPO) that could raise as much as P1 billion in fresh capital.
In its meeting on Sept. 26, 2019, the SEC resolved to render effective the registration statement of Ace Medical Center-Tacloban covering a total of 228,000 common shares with par value of P1,000 apiece upon the company’s compliance with certain requirements.
Ace Medical Center-Tacloban will offer 36,000 common shares in four tranches at an offer price ranging from P200,000 to P400,000 for every block of 10 shares, in cash or installment. The shares will be traded over the counter.
The company expects to net P987,880,895 for loan payments (P423,264,703), medical equipment (P262,217,148), working capital (P160,650,000), construction (P55,000,000), furniture and fixtures (P49,399,044), pre-operating expenses (P36,950,000) and professional fees of architects and other professionals (P400,000).
Ace Medical Center-Tacloban is building a level two health care facility in Barangay 78, Marasbaras, Tacloban City. The 10-story, 152-bed hospital with a total floor area of 14,026 square meters is slated for completion by next month.
The intended market for the IPO are mostly medical specialists and individuals related to medical specialists.
Subscribing to the offer shares is a prerequisite for physicians and medical specialists to practice at Ace Medical Center-Tacloban. Such stockholders, however, must undergo a screening process and possess the minimum requirements provided in the company’s articles of incorporation, bylaws and internal rules.
The SEC earlier approved the IPOs of Ace Malolos Doctors, Ace Medical Center-Butuan, Ace Dumaguete Doctors, Ace Medical Center-Gensan and Ace Medical Center Bohol for P1 billion each. It also cleared similar offerings by Ace Medical Center-Cebu and Ace Medical Center-Iloilo. (PR)