The Securities and Exchange Commission 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, composed of 203,400 issued and outstanding common shares and 36,000 newly issued shares, with par value of P1,000 a share.
ACE Malolos plans to offer the primary shares in tranches at P200,000 to P400,000 for every block of 10 shares. The shares may be traded over the counter.
Of the estimated net proceeds of P997 million, P500 million or 50 percent will be earmarked for project construction and P300 million or 30 percent for medical equipment. About P32 million or 3.21 percent will be for loan payments and P165.032 million or 16.55 percent for working capital.
ACE Malolos is building a tertiary health care facility in Malolos City. —DORIS DUMLAO-ABADILLA