Tacloban hospital’s IPO gets SEC nod

THE Security and Exchange Commission ( SEC) has given Allied Care Experts (ACE) Medical Center-Tacloban Inc. the green light to proceed with its initial public offering ( IPO) seen to raise up to P1- billion fresh capital.

In a statement over the weekend, the government corporate regulator said that the hospital would be offering 36,000 common shares in four tranches.

To be traded over the counter, the shares’ offer price would range from P200,000 to P400,000 for every block of 10 shares.

ACE Medical Center-Tacloban is eyeing to net P987.99 million from the public offering. P423.26 million will be used for loan payments.

The rest will be allocated for medical equipment, working capital, construction, furniture and fixtures, pre- operating expenses, and professional fees of architects and others.

It is currently constructing a Level 2 health care facility in Barangay 78, Marasbaras, Tacloban City, which is expected to open by next month. The 10- storey, 152- bed hospital has a total floor area of 14,026 square meters.

The IPO’s target market includes mostly medical specialists and individuals related to them.

“Subscribing to the offer shares is a prerequisite for physicians and medical specialists to practice at ACE Medical Center-Tacloban. Such stockholders, however, must undergo a screening process and possess the minimum requirements provided in the company’s articles of incorporation, bylaws and internal rules,” SEC noted.

On September 26, the Commission en banc accepted the hospital’s registration of 228,000 common shares with par value of P1,000 each as part of its compliance.

Earlier, SEC approved the IPOs of ACE Malolos Doctors, ACE Medical Center- Butuan, ACE Dumaguete Doctors, ACE Medical Center- Gensan, ACE Medical Center Bohol, ACE Medical Center- Cebu and ACE Medical Center- Iloilo.