SEC okays P3-B IPO of 3 ACE hospitals » Manila Bulletin Business

Manila Bulletin Philippines

Breaking News from the Nation's leading newspaper

Tempo

Online Newspaper

Showbiz and Celebrity News

Sports News

World News
News Asia

SEC okays P3-B IPO of 3 ACE hospitals

Published

By James A. Loyola

The Securities and Exchange Commission (SEC) has approved the plans of three more members of the Allied Care Experts (ACE) Medical Group to raise as much as P1 billion each in separate initial public offerings (IPOs).

sec new logo2

In its meeting on June 27, the Commission En Banc rendered effective the registration statement of Allied Care Experts (ACE) Medical Center Gensan, Inc. for 228,000 shares.

It also approved the registration statements of Allied Care Experts (ACE) Dumaguete Doctors, Inc. for 186,000 shares and Allied Care Experts (ACE) Medical Center Bohol, Inc. for 180,000 shares.

The registration statements cover common shares for initial public offering as well as issued and outstanding founder’s shares and issued and outstanding common shares with par value of P1,000 apiece.

ACE Medical Center-Gensan will offer 36,000 common shares, in blocks of 10 shares. It will offer the first 600 blocks at P200,000; the next 1,600 blocks at P250,000; the following 800 blocks at P300,000 and the remaining 600 blocks at P400,000.

The corporation expects to net P987.93 million for construction, medical equipment, architect and other professional fees, pre-operating expenses and working capital, debt servicing, furnishing and marketing.

ACE Center-Gensan will construct a six-storey, 200-bed hospital in General Santos City.

ACE Dumaguete Doctors will likewise offer 36,000 common shares in blocks of 10 shares. It will offer the first 2,400 blocks at P250,000; the next 800 blocks at P300,000 and the remaining 400 blocks at P400,000.

The corporation expects to raise P987.89 million for loan payment, pre-operating expenses, hospital equipment and fixtures, construction and land improvements.

ACE Dumaguete Doctors is building a Level 2, eight-storey, 100-bed hospital in Dumaguete City.

ACE Medical Center- Bohol, meanwhile, will offer 30,000 common shares to the public in three equal tranches priced at P250,000, P350,000 and P400,000 for every block of 10 shares.

Net proceeds of P987.89 million will be used for loan payment, medical equipment, additional working capital, construction, architect and professional fees, land improvement and furnishing.

ACE Medical Center-Bohol is constructing a Level 2, eight-storey, 176-bed hospital in Tagbilaran City.

Related Posts