THE Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of Saint Pio’s Medical Center, Inc. (SPMCI) for up to P480-million worth of shares.

“In its meeting on June 29, the Commission En Banc resolved to render effective SPMCI’s registration statement covering 16,000 common shares, subject to the companies’ compliance with certain remaining requirements,” the SEC said in a statement on Wednesday.

The SEC said the intended market for the said IPO will be medical specialists and the public, adding that SPMCI will offer 1,600 blocks consisting of 10 shares each, priced from P10,000 to P300,000 per block.

“The shares will be traded over the counter through the company’s directors,” the SEC said.

The commission said SPMCI expects to net P478.40 million from the offer, with the proceeds to be allocated for the construction expenses of its hospital amounting to P392 million and for the acquisition of medical equipment.

“Physicians and other medical specialists who subscribe to at least one block or 10 shares from the offer will be allowed to practice in the company’s hospital, subject to restrictions, limitations, and obligations as may be imposed by SPMCI,” the SEC said.

Based on its website, SPMCI is building a hospital at Barangay Palanginan in the town of Iba, Zambales.

“SPMCI shifts the focus of health systems toward client-centered healthcare where data becomes central to health systems — electronic record systems and customized treatment protocols. SPMC enables new models of care, such as protocol-driven healthcare to improve quality of care, and better access to medical services,” the firm said in its website.

Separately, the SEC said on Wednesday that the Commission on Audit (CoA) had given the corporate regulator the highest audit rating for 2020.

In a statement, it said state auditor Concepcion C. Reyes had given an unmodified opinion on the fairness of the presentation of the SEC’s financial statements for 2020 based on an independent auditor’s report dated May 20.

“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the SEC as at Dec. 31, 2020, and its financial performance, changes in net assets/equity, cash flows, comparison of budget and actual amounts for the year then ended, and notes to the financial statements, in accordance with International Public Sector Accounting Standards (IPSAS),” the report said.

Citing IPSAS, the SEC said an unmodified opinion is awarded when auditors determine that the financial statements are “free from material misstatements which could arise from either error or fraud.” — Revin Mikhael D. Ochave