MANILA – The Securities and Exchange Commission (SEC) has considered favorably the initial public offering (IPO) by Tagum Global Medical Center, Inc.
In its meeting on March 1, the commission en banc resolved to render effective the medical center’s registration statement covering 156,000 common shares, subject to its compliance with certain remaining requirements.
The company will offer 36,000 common shares, equivalent to 3,600 blocks consisting of 10 shares per block.
The primary offering is divided into four series, with the first consisting of 1,400 blocks at an offer price of PHP200,000 per block, while the second is composed of 600 blocks priced at PHP250,000 per block.
The third and fourth series consist of 700 blocks priced at PHP300,000 each and 900 blocks at PHP400,000 each, respectively.
Net proceeds from the offering could amount to PHP997.087 million, which will be used for the construction and development of Tagum Global Medical Center and its pre-operating expenses, debt servicing, and working capital.
Incorporated in 2018, Tagum Global Medical Center is currently constructing a seven-story, 116-bed healthcare facility on a 5,000-square meter lot located in Barangay Visayan Village, Tagum City in Davao del Norte.
The hospital is part of the Allied Care Experts (ACE) Group of Hospitals.
The intended market for the initial public offering will be medical practitioners and their relatives, as well as the public.
Subscribers to the IPO will be given benefits and privileges such as discounts on medical and dental services, which the stockholder, his/her spouse, and dependents may avail of in other medical facilities affiliated with the ACE Group of Hospitals. (PNA)