MANILA -- The Securities and Exchange Commission (SEC) has cleared the initial public offering (IPO) of another member of the Allied Care Experts (ACE) Group for up to PHP1 billion.
In its meeting on June 20, the Commission En Banc approved the registration statement of ACE Medical Center-Butuan, Inc. covering 228,000 shares with par value of PHP1,000 apiece, the SEC announced in a statement on Monday.
The registration statement covers 36,000 common shares, which ACE Medical Center- Butuan will offer to the public at an offer price ranging from PHP200,000 to PHP400,000 for every block of 10 shares, in cash or installment.
ACE Medical Center-Butuan will offer the first 600 blocks at PHP200,000, the next 900 blocks at PHP250,000, the following 1,850 blocks at PHP300,000, and the remaining 250 blocks at PHP400,000.
The company looks to net P951,930,895 for construction (30%), medical equipment (30%), pre-operating expenses (20%), debt servicing (10%), furnishing (5%) and professional fees of architects and other professionals (5%).
ACE Medical Center-Butuan is building a Level II multidisciplinary health care facility at South Montilla Boulevard, Villa Kananga, Butuan City. It will provide services to residents of Butuan City and nearby municipalities.
As of May 31, the construction of the 8-storey, 176-bed hospital with a total floor area of 20,370 square meters is 42.47% complete. ACE Medical Center- Butuan expects to inaugurate the hospital by May 2021.
The intended markets 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.
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.
Previously, the Commission En Banc approved the maiden offerings of ACE Malolos Doctors, Inc. for P1 billion and ACE Medical Center Iloilo, Inc. for P1.44 billion. (PR)
