SEC OKs ACE Medical Butuan’s P1B IPO
MANILA, Philippines – The Securities and Exchange Commission has approved an initial public offering (IPO) worth up to P1 billion planned by ACE Medical Center- Butuan Inc., which is part of the individual fund-raising activities of hospitals under the group.
In its meeting on June 20, the SEC en banc approved the registration statement of ACE Medical Center- Butuan covering 228,000 shares.
The hospital plans to offer 36,000 common shares to the public at a price ranging from P200,000 to P400,000 for every block of 10 shares, payable in cash or installment.
ACE Medical Center- Butuan is building an eight-story 176-bed multidisciplinary healthcare facility at South Montilla Boulevard, Villa Kananga, Butuan City which will be completed by May 2021.
The intended market for the IPO is mostly medical specialists and individuals related to medical specialists. The offer shares will be traded over the counter.
Subscription 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./g
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