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Specialists get chance to own hospital shares in P1-B IPO

/ 04:04 AM September 30, 2019

The Securities and Exchange Commission (SEC) has approved a P1-billion initial public offering (IPO) planned by Allied Care Experts (ACE) Medical Center-Tacloban Inc., the eighth hospital under the ACE Medical Group to sell shares to the public to build a new hospital.

In a meeting on Sept. 26, the SEC cleared the registration statement of ACE Medical Center-Tacloban covering a total of 228,000 common shares with par value of P1,000 per share, but subject to the company’s compliance with certain requirements.

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ACE Medical Center-Tacloban plans to offer 36,000 common shares in four tranches at an offer price ranging from P200,000 to P400,000 for every block of 10 shares, in cash or installment.

This IPO targets mostly medical specialists and related individuals. Subscription to the offer shares is a prerequisite for physicians and medical specialists to practice at ACE Medical Center-Tacloban. 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.

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The shares of ACE Medical Center-Tacloban will be traded over the counter.

This company is building a 10-story, 152-bed health care facility in Barangay 78, Marasbaras, Tacloban City. The hospital, which has a total floor area of 14,026 square meters, is slated for completion next month.

About P423.26 million of the net proceeds will be used to repay loans while P262.22 million will be disbursed to purchase medical equipment. Another P160.65 million will be used as working capital. The rest of the proceeds will be for construction (P55 million), furniture and fixtures (P49.4 million) and preoperating expenses (P36.95 million).

Physicians looking to hold clinic at ACE Medical Center-Tacloban will have to pay a one-time “privilege to practice” fee of P150,000. They will then become part of the active staff and included in the decking/rotation of house and walk-in cases.

Those who will not pay the one-time fee will become members of the visiting staff. They may admit patients but will not be allowed to hold clinic. They will also be excluded from the decking or rotation of house and walk-in cases.

The stock offer comes with benefits and privileges such as discounts on medical and dental services, which the principal investor, spouse, dependents and natural parents may avail of in other medical facilities affiliated with the ACE Group of Hospitals.

The SEC earlier approved the IPOs of ACE Malolos Doctors, ACE Medical Center-Butuan, ACE Dumaguete Doctors, ACE Medical Center-Gensan and ACE Medical Center-Bohol for P1 billion each. It also cleared similar offerings by ACE Medical Center-Cebu and ACE Medical Center-Iloilo.

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TAGS: Business, Securities and Exchange Commission (SEC)
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