SEC approves ACE Medical Center’s IPO

The Securities and Exchange Com-mission (SEC) has given the green light to Allied Care Experts (ACE) Medical Center-Tacloban Inc. to proceed with its initial public offering (IPO) that could raise as much as P1 billion in fresh capital.

The intended market for this IPO are mostly medical specialists and individuals related to medical specialists.

In a meeting on Sept. 26, the SEC Commission en banc approved the registration statement of ACE Medical Center-Tacloban which covers a total of 228,000 common shares with par value of P1,000 per piece.ACE Medical Center- Tacloban will offer 36,000 common shares in four tranches at an offer price ranging from P200,000 to P400,000 for every block of 10 shares, in cash or in-stallment. The shares will be traded over the counter.

Subscribing to the offer shares is a pre-requisite for physi-cians and medical specialists to prac-tice at ACE Medi-cal Center- Tacloban, the company said in its registration statement.

Furthermore such stockholders must undergo a screen-ing process and pos-sess the minimum requirements provid-ed in the company’s articles of incorpo-ration, bylaws and internal rules.

In all, ACE expects to raise P987.9 mil-lion which it would use for loan pay-ments (P423,264,703), medical equip ment (P262,217,148), working capital (P160,650,000), construction (P55,000,000), furniture and fixtures (P49,399,044), pre-operating expenses (P36,950,000) and professional fees of architects and other professionals (P400,000).

ACE Medical Center- Tacloban is building a Level II health care facility in Barangay 78, Marasbaras, Tacloban City.

The 10-story, 152-bed hospital with a total floor area of 14,026 square meters is slated for com-pletion by next month.

ACE Medical Center said phy-sicians looking to hold clinic in the hospital will have to pay a “privilege to practice” fee of P150,000. They will become part of the hospital’s active staff.

Physicians who will not pay the one- time fee will become members of the visiting staff, according to the company.