MANILA -- The Securities and Exchange Commission (SEC) has given three more members of the Allied Care Experts (ACE) Medical Group the green light to raise as much as PHP1 billion each in separate initial public offerings.
In its meeting on June 27, the Commission En Banc rendered effective the registration statement of ACE Medical Center Gensan, Inc. for 228,000 shares.
The Commission En Banc also approved the registration statements of ACE Dumaguete Doctors, Inc. for 186,000 shares and ACE Medical Center Bohol, Inc. for 180,000 shares.
The registration statements cover common shares for initial public offering as well as issued and outstanding founder’s shares and issued and outstanding common shares with par value of PHP1,000 apiece.
ACE Medical Center- Gensan
ACE Medical Center-Gensan will offer 36,000 common shares, in blocks of 10 shares. It will offer the first 600 blocks at PHP200,000; the next 1,600 blocks at PHP250,000; the following 800 blocks at PHP300,000 and the remaining 600 blocks at PHP400,000.
The corporation expects to net PHP987,930,895 from the maiden offering. It will use the proceeds for construction, medical equipment, architect and other professional fees, pre-operating expenses and working capital, debt servicing, furnishing and marketing.
ACE Center- Gensan will construct a six-storey, 200-bed hospital in Barangay Lagao, General Santos City starting August. The hospital is envisioned as a Level 2, multidisciplinary specialty medical facility.
ACE Dumaguete Doctors
ACE Dumaguete Doctors will, likewise, offer 36,000 common shares in blocks of 10 shares. It will offer the first 2,400 blocks at PHP250,000; the next 800 blocks at PHP300,000 and the remaining 400 blocks at PHP400,000.
The corporation expects to raise PHP987,891,500 in net proceeds to be used for loan payment, pre-operating expenses, hospital equipment and fixtures, construction and land improvements.
ACE Dumaguete Doctors is building a Level 2, eight-storey, 100-bed hospital in Cimafranca Subdivision, Daro, Dumaguete City. As of May 31, the hospital is 94.06 percent constructed and slated for inauguration before the yearend.
ACE Medical Center- Bohol
ACE Medical Center-Bohol, meanwhile, will offer 30,000 common shares to the public in three equal tranches priced at PHP250,000, PHP350,000 and PHP400,000 for every block of 10 shares.
Net proceeds from the maiden offering is estimated at PHP987,891,500. The corporation earmarked the proceeds for loan payment, medical equipment, additional working capital, construction, architect and professional fees, land improvement and furnishing.
ACE Medical Center- Bohol is constructing a Level 2, eight-storey, 176-bed hospital along 0368 CP Garcia East Avenue, Barangay Mansasa, Tagbiliran City. As of May 31, the hospital is 91.3% complete. The building, except the 6th and 7th floors, was inaugurated last March 16 and estimated to be completed by October 31.
Subscribing to the offer shares is a prerequisite for physicians and medical specialists to practice at ACE Medical Center- Gensan, ACE Dumaguete Doctors and ACE Medical Center- Bohol.
Such stockholders, however, must still undergo a screening process and possess the minimum requirements provided in the corporations’ articles of incorporation, bylaws and internal rules.
The offer comes with benefits and privileges such as discounts on medical and dental services, which the principal investor, his/her spouse, dependents and natural parents may avail of in all medical facilities that have entered into a memorandum of agreement with the corporations.
Previously, the Commission En Banc approved the maiden offering of ACE Medical Center- Iloilo, ACE Malolos Doctors and ACE Medical Center- Butuan. (PR)
