SEC clears P1-B IPO of Ace Medical Center.
SEC clears P1-B IPO of Ace Medical Center !-- -- Iris Gonzales (The Philippine Star) - June 25, 2019 - 12:00am MANILA, Philippines Allied Care Experts Group has received the green light from the Securities and Exchange Commission (SEC) to proceed with the P1 billion initial public offering of ACE Medical Center-Butuan Inc. ACE Medical Center- Butuan Inc.
registered 36,000 shares with the SEC, which would be sold to the public at a price ranging from P200,000 to P400,000 for every block of 10 shares, in cash or installment. The company plans to offer the first 600 blocks at P200,000, the next 900 blocks at P250,000, 1,850 blocks at P300,000 and the remaining 250 blocks at P400,000. Proceeds will be used to build a Level II health care facility in Butuan City at South Montilla Boulevard, Villa Kananga.
Of the expected P951.9 million net proceeds, 30 percent will be used for construction, medical equipment (30 percent), pre-operating expenses (20 percent), debt servicing (10 percent), furnishing (five percent) and professional fees of architects and other professionals (five percent). ACE Medical Center-Butuan has already commenced construction of the facility and is already 42.47 percent complete as of May 31. The facility will have eight storys and a 176-bed hospital with a total floor area of 20,370 square meters.
The company expects to inaugurate the hospital by May 2021. The intended market for the IPO are mostly medical specialists and individuals related to medical specialists. The offer shares will be traded over the counter.
Subscribing to the offer shares is a prerequisite for physicians and medical specialists to practice at ACE Medical Center- Butuan. 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.
ACE Medical Center-Butuan said the offer comes with benefits and privileges such as discounts on medical and dental services, which the principal investor, his/her spouse, dependents and natural parents may avail of in other medical facilities that have entered into a memorandum of agreement with ACE Medical Center- Butuan.
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|Publication:||Philippines Star (Manila, Philippines)|
|Date:||Jun 24, 2019|
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