The Securities and Exchange Commission (SEC) has approved the P840- million maiden public offering of the company that is developing the Camarin Doctors Hospital in North Caloocan, Metro Manila.
The SEC said in a statement the Commission En Banc allowed Optimum Quality Health Ventures Inc. to sell 2.3 million shares, subject to the company’s compliance with “certain remaining requirements.”
The company will sell 2,500 blocks composed of 100 shares each, with a price ranging from P200,000 to P400,000 per block. It expects to raise P840.7 million from the sale, the statement showed.
“Proceeds will be used for loan payments, acquisition of medical equipment, payment of advances to stockholders, operating expenses, hospital construction, acquisition of hospital and office furniture, as well as payment of other professional fees,” the SEC said.
The shares will be traded over the counter through the hospital’s internal staff.
Camarin Doctors will be a seven-story, 105-bed private healthcare facility along Camarin Road, Caloocan City.
With the latest laboratory testing and radiologic equipment, it aims to serve demand for quality healthcare in North Caloocan and nearby communities of Novaliches, Fairview, and Province of Bulacan.
It will also have an adult and pediatric intensive care unit, operating and delivery theaters, dialysis center, cardiology and pulmonary section, and pharmacy, the company’s website showed.
Meanwhile, the SEC said the initial public offering will be open to medical practitioners and their relatives.
“Physicians and other medical specialists who subscribe to the IPO will be qualified to practice at the hospital, subject to pre-qualification procedures,” the SEC said.
“Subscribers to the IPO will also be given benefits and privileges such as discounts on medical and dental services, which the stockholder, his/her spouse, dependents and natural parents may avail of at the Camarin Doctors Hospital,” it added.