SEC approves P1.44-billion IPO of Iloilo hospital » Manila Bulletin Business

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SEC approves P1.44-billion IPO of Iloilo hospital

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By James A. Loyola

The Securities and Exchange Commission (SEC) has approved the plan of Allied Care Experts (ACE) Medical Center Iloilo, Inc. to raise as much as P1.44 billion from an initial public offering (IPO) for the construction of a hospital.

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Documents at the SEC show, the firm said sought to register 240,000 common shares with a par value of P1,000 per share. Of this amount, 36,000 shares will be sold via the IPO at a price of P250,000 to P400,000 per block of 10 shares.

Maximum net proceeds of P956.93 million will be used by the company for the construction of the hospital (40 percent or P382.77 million), purchase of medical equipment (30 percent or P287.08 million), professional fees of architects and others (P47.85 million), pre-operating expenses (P191.39 million), and purchase of furniture and fixtures (P47.85 million).

ACE Medical Center-Iloilo is planning to build a 9-story 200-bed capacity hospital with helipad on a 6,000 sq.m. property located at Barangay Sambag, Ungka 1, Jaro, Iloilo City.

ACEMCI will be a multidisciplinary specialty medical facility that will house medical specialists who are subscribers to the capital stock of the Corporation.

The intended and considered markets for its shares are mostly medical specialists and individuals who are related to medical specialists.

The planned Tertiary Health Care facility will initially operate as a Secondary Hospital.
After which, it will secure accreditation for residency training of its Doctors and accomplish its purpose of setting up a Tertiary Hospital.

It will operate a complete and world-class facility, manned by medical specialists who are competent and fully qualified in their line of work. It will also acquire complete and world-class facilities.

The hospital will provide services to residents of Jaro, Iloilo City, nearby barangays and municipalities, the whole of Iloilo and the neighboring provinces which are considered its catchment areas.

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