SEC approves ACE Malolos Doctor’s P1B IPO plan
MANILA, Philippines – The Securities and Exchange Commission (SEC) has approved an initial public offering worth up to P1 billion planned by hospital operator Allied Care Experts (ACE) Malolos Doctors Inc.
In its meeting on May 28, the SEC en banc approved the issuance of order of registration and permit to sell securities upon submission of the final prospectus by ACE Malolos.
The registration statement covers 600 founder shares and 239,400 common shares, comprising 203,400 issued and outstanding common shares and 36,000 newly issued shares, with a par value of P1,000 per share.
ACE Malolos Doctors intends to offer the primary shares in tranches at an offer price ranging from P200,000 to P400,000 for every block of 10 shares.
The offer shares may be traded over the counter.
Net proceeds from the offering are estimated at P997 million, of which P500 million or 35 percent will be earmarked for project construction and P300 million or 30 percent for medical equipment.
About P32.07 million or 10 percent will be for loan payments and P165.032 million or 5 percent for working capital.
ACE Malolos Doctors is building a tertiary healthcare facility, which will be the biggest private hospital in Malolos City in Bulacan.
As of end-March, the construction of the 172-bed hospital is 14.83 percent complete.
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 all medical facilities under or affiliated with the ACE Group of Hospitals across the country.
Meanwhile, physicians and medical specialists holding founder or common shares in ACE Malolos Doctors will have the privilege to co-admit and/or co-manage patients on special cases in other ACE Medical Centers.
Subscribing to the offer shares is a prerequisite for physicians and medical specialists to practice at ACE Malolos Doctors.
These stockholders, however, must undergo a screening process and possess the minimum requirements provided in the company’s articles of incorporation, bylaws and internal rules. /g
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.