The Securities and Exchange Commission (SEC) has given the green light to Allied Care Experts (ACE) Medical Center-Tacloban Inc.’s plan to sell P1 billion worth of shares to the public.
In its meeting on September 26, the commission en banc resolved to render effective the registration statement of ACE Medical Center-Tacloban covering a total of 228,000 common shares with par value of P1,000 apiece, upon the company’s compliance with certain requirements.
ACE Medical Center-Tacloban will 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. The shares will be traded over the counter.
The company expects to net P987.88 million which will be used for loan payments, medical equipment, working capital, construction, furniture and fixtures, pre-operating expenses and professional fees of architects and other professionals.
ACE Medical Center-Tacloban is building a Level II healthcare facility in Barangay 78, Marasbaras, Tacloban City. The 10-storey, 152-bed hospital with a total floor area of 14,026 square meters is slated for completion by next month.
“The intended market for the IPO (initial public offering) are mostly medical specialists and individuals related to medical specialists,” the SEC said.
“Subscribing 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,” it added.