ALLIED CARE Experts (ACE) Malolos Doctors, Inc. has secured clearance from the Securities and Exchange Commission (SEC) to push through with its P1-billion maiden offering.
In a statement Wednesday, the SEC said the commission en banc approved ACE Malolos’ registration statement and the corresponding order of registration and permit to sell securities.
ACE Malolos said it will offer 36,000 common shares, equivalent to 3,600 blocks with 10 shares per block, at an offer price of P200,000 to P400,000, according to a prospectus dated April 10 posted on its website.
The company said the securities will be traded over the counter through its comptroller, Heidi C. Docot.
ACE Malolos looks to net P997.07 million from the offering, which will mostly be used to finance the construction of its 172-bed health care facility in Malolos, Bulacan.
The company has allotted P500 million to construct the Malolos facility, slated to become the largest private hospital in the area. About P300 million of the proceeds will be used for medical equipment.
ACE Malolos has constructed 14.83% of the hospital so far, with target completion date set for September 2020.
Meanwhile, P165.03 million has been allotted for working capital, while the remaining P32.07 million will be used to pay loans.
Investors who will participate in the offering will be able to have discounts on medical and dental services in all medical facilities of the ACE Group of Hospitals across the country. This benefits may be extended to their spouse, dependents, and natural parents.
The company also noted that subscribing to the offer shares is a prerequisite for physicians and medical specialists who will conduct their practice in ACE Malolos.
“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,” according to the statement released by the SEC.
The ACE Group of Hospitals is composed of around 30 medical centers, with five operational facilities in Valenzuela, Baliwag, Pateros, and Quezon City, according to its website. The rest are in different stages of completion, located in Tacloban, Cebu, Dumaguete, and Iloilo.
The SEC also approved the application of ACE Medical Center Iloilo, Inc. to conduct an initial public offering in December 2018. The firm hoped to raise as much as P1.44 billion to finance the construction of its 200-bed tertiary hospital in Jaro, Iloilo City.
The application has yet to be approved by the Philippine Stock Exchange. — Arra B. Francia