THREE MORE MEMBERS of the Allied Care Experts (ACE) Medical Group secured clearance from the Securities and Exchange Commission (SEC) for their respective initial public offerings (IPO) worth up to P1 billion each.
In a statement, the country’s corporate regulator said it has approved the registration statement of ACE Medical Center Gensan, Inc.; ACE Dumaguete Doctors, Inc. and ACE Medical Center Bohol, Inc. at its June 27 en banc meeting.
ACE Medical Center Gensan has applied for the registration of 228,000 shares, with the plan to offer 36,000 common shares in blocks of 10. The first 600 blocks will be issued at P200,000 per block, the next 1,600 blocks will be sold for P250,000 per block, the next 800 blocks will be offered at P300,000 each, while the remaining 600 blocks will be at P400,000 each.
The company will use the expected P987.93-million proceeds from the offering for the construction of ACE Center-Gensan starting next month. The six-storey facility will have 200 beds in Barangay Lagao, General Santos City, and is envisioned to be a Level 2, multidisciplinary specialty medical facility.
Meanwhile, ACE Center Dumaguete has registered 186,000 shares, of which 36,000 will be offered to the public in blocks of 10. The first 2,400 blocks will be at P250,000, the following 800 blocks at P300,000, and the balance of 400 blocks at P400,000.
The Dumaguete-based firm expects to net P987.89 million from the offering, which will be used for loan payment, pre-operating expenses, hospital equipment and fixtures, construction, and land improvements.
The company is currently building an eight-storey hospital with 100 beds in Cimafranca Subdivision, Daro, Dumaguete City. The facility was 94.06% completed as of May 31 and is scheduled to be inaugurated before yearend.
For ACE Medical Center Bohol, 30,000 common shares will be offered to the public in three equal tranches of P250,000, P350,000 and P400,000 for every block of 10 shares.
The company estimates net proceeds at P987.89 million, to be used for loan payment, medical equipment, additional working capital, construction, architect and professional fees, land improvement, and furnishing.
It is likewise building an eight-storey hospital with 176 beds in Barangay Mansasa, Tagbiliran City. As of May 31, the facility is already 91.3% complete. The first five floors were inaugurated last March, while the remaining floors are set to be completed by Oct. 31.
Physicians and medical specialists who want to practice in the three hospitals are required to subscribe to the offer shares.
At the same time, they will still undergo a screening process provided in the articles of incorporation, bylaws and internal rules of each of the companies.
Investors will be entitled to benefits and privileges such as discounts on medical and dental services in all medical facilities that have entered into a memorandum of agreement with the corporations. These benefits may be extended to the principal investor’s spouse, dependents and natural parents.
Other members of the ACE Medical Group have opted for an IPO to finance the construction of their hospitals.
The Commission en banc has already approved the planned maiden offerings of ACE Medical Center-Iloilo, ACE Malolos Doctors and ACE Medical Center- Butuan. — Arra B. Francia