SEC approves ACE Tacloban’s P1-billion IPO

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ALLIED CARE Experts Medical Center-Tacloban, Inc. (ACE Tacloban) can now proceed with its plan to raise up to P1 billion in an initial public offering (IPO), after obtaining clearance from the Securities and Exchange Commission (SEC).

In a statement issued over the weekend, the country’s corporate regulator said it approved the company’s registration statement during its en banc meeting on Sept. 26.

ACE Tacloban will be offering 36,000 common shares worth P200,000 to P400,000 for every block of 10 shares. The issuance will be done in four tranches, with the shares to be traded over the counter.

The company is targeting medical specialists and individuals related to the field of medicine to participate in the offer. It will also require physicians and medical specialists who will practice in the hospital to subscribe to the offering.

Physicians who want to hold clinic at ACE Tacloban must pay a “Privilege to Practice” fee of P150,000. They will then be part of the hospital’s active staff, as well as the rotation of house and walk-in cases.

Those who will not pay the one-time fee will be members of the visiting staff. While they can admit patients, such physicians will not be allowed to hold clinic in the facility. They will likewise be excluded from the rotation of house and walk-in cases.

However, these stockholders must first undergo a screening process and possess the minimum requirements as stated in the company’s articles of incorporation, bylaws, and internal rules.

At the same time, stockholders will have access to benefits and privileges such as discounts on medical and dental services. The principal investors may extend these benefits to their spouse, dependents, and natural parents in other affiliates of the ACE Group of Hospitals.

Funds raised from the IPO is expected to reach 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.

The company is currently building the 10-storey ACE Medical Center-Tacloban in Barangay 78, Marasbaras, Tacloban City. The 152-bed hospital is scheduled to be completed in October.

Other firms under the ACE Group of Hospitals have also applied for an IPO to support the construction of their respective facilities. The SEC earlier cleared the fund-raising activities of ACE Malolos Doctors, ACE Medical Center-Butuan, ACE Dumaguete Doctors, ACE Medical Center-Gensan and ACE Medical Center- Bohol for P1 billion each.

The IPO of ACE Medical Center-Iloilo has also been approved by the SEC, allowing it to raise up to P1.44 billion.

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. — Arra B. Francia