Hospital chain eyes P1B fund raising

    94
    0
    (0)

    Allied Care Experts (ACE) is expanding in Legazpi City, Albay.

    The hospital group plans to raise P1 billion for its expansion, through unit Allied Care Experts (ACE) Medical Center – Legazpi, Inc. ACE Legazpi is constructing two, four-story hospital buildings in Brgy. Bogtong, Legazpi City.

    The company recently received regulatory approval for the fund raising it will sell to potential shareholders of the Legazpi City hospital — mostly medical specialists and individuals related to medical specialists — covering 240,000 shares.

    ACE Legazpi will offer 36,000 common shares in five tranches at an offer price ranging from P200,000 to P362,500 for every block of 10 shares, in cash or installment.

    Subscribing to the offer shares is a prerequisite for physicians and medical specialists to practice at ACE Legazpi.

    Proceeds from the initial public offering will fund the completion of “Building A,” which the company targets to operate by December 2020.

    The company expects to raise P996,592,895 in net proceeds that will be used for building construction (P244,240,102), medical equipment (P300 million), architects and engineers fee (P47 million), office equipment, furniture and fixtures (P50 million), debt servicing (P170 million), pre-operating expenses (P55.5 million), and working capital (P129,789,793).

    ACE Medical Center – Legazpi is eyed to be the biggest private hospital in Legazpi City. It will be a 172-bed, Level II, Philhealth-accredited hospital catering to patients from neighboring communities needing further treatment and management.

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

    The Securities and Exchange Commission earlier approved the fund raising plans of ACE for its 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.

    How useful was this article?