The Securities and Exchange Commission (SEC) has cleared an initial public offering (IPO) worth up to P1 billion planned by Tagum Global Medical Center Inc., part of the Allied Care Experts (ACE) Group of Hospitals.
In its meeting on March 1, the SEC en banc approved the registration statement of Tagum Global Medical Center covering 156,000 common shares, subject to the company’s compliance with certain remaining requirements.
The company will offer 36,000 common shares, equivalent to 3,600 blocks consisting of 10 shares per block.
The primary offering is divided into four series, with the first consisting of 1,400 blocks at an offer price of P200,000 per block. The second is composed of 600 blocks priced at P250,000 per block. The third series consists of 700 blocks priced at P300,000 each, while the fourth series covers 900 blocks at P400,000 each.
Net proceeds from the offering will be used for the construction and development of Tagum Global Medical Center and for its pre-operating expenses, debt servicing and working capital.
Incorporated in 2018, Tagum Global Medical Center is currently constructing a seven-story, 116-bed health-care facility on a 5,000-square meter lot located in Barangay Visayan Village, Tagum City in Davao del Norte.
Prerequisite
The intended market for the IPO will be medical practitioners and their relatives, as well as the public.
Subscription to the offer shares is a prerequisite for physicians and medical specialists to practice at ACE hospitals. The offer shares will be traded over the counter.
Subscribers to the IPO will be given benefits and privileges such as discounts on medical and dental services, which the stockholder, his/her spouse, and dependents may avail of in other medical facilities affiliated with the ACE group of hospitals.