The Securities and Exchange Commission (SEC) has given the ACE Medical Center-Bohol the green light to raise as much as P1 billion from an initial public offering (IPO).
In its meeting on June 27, the Commission En Banc approved the registration statement of ACE Medical Center Bohol, Inc. for 180,000 shares.
The registration statement covers common shares for IPO 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-Bohol will offer 30,000 common shares to the public in three equal tranches priced at P250,000, P350,000 and P400,000 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-story, 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. (PNA)
Edits were made by The Bohol Chronicle to localize the news.