SEC greenlights P1-billion IPO of Malolos hospital
Published May 29, 2019 12:00 am
By James A. Loyola
The Securities and Exchange Commission (SEC) has cleared the initial public offering (IPO) of shares of Allied Care Experts (ACE) Malolos Doctors, Inc. worth a maximum of P1 billion.
The Commission En Banc rendered effective the registration statement of ACE Malolos and approved the issuance of the corresponding order of registration and permit to sell securities upon submission of the final prospectus.
The registration statement covers 600 founder shares and 239,400 common shares, comprising 203,400 issued and outstanding common shares and 36,000 newly issued shares, with par value of P1,000 apiece.
ACE Malolos intends to offer the primary shares in tranches at an offer price ranging from P200,000 to P400,000 for every block of 10 shares. The offer shares may be traded over the counter.
Or the proceeds, the firm intends to allocate P500 million (35 percent) for project construction, P300 million (30 percent) for medical equipment, P32.07 million (10 percent) for loan payments and P165.03 million (5 percent) for working capital.
ACE Malolos is building a tertiary health care facility, which will be the biggest private hospital in Malolos City in Bulacan. As of March 31, the construction of the 172-bed hospital is 14.83 percent complete.
The offer comes with benefits and privileges such as discounts on medical and dental services, which the principal investor, the spouse, dependents and natural parents may avail of in all medical facilities under or affiliated with the ACE Group of Hospitals across the country.
Meanwhile, physicians and medical specialists holding founder or common shares in ACE Malolos will have the privilege to co-admit or co-manage patients on special cases in other ACE Medical Centers.
Subscribing to the offer shares is a prerequisite for physicians and medical specialists to practice at ACE Malolos. 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.
The Commission En Banc rendered effective the registration statement of ACE Malolos and approved the issuance of the corresponding order of registration and permit to sell securities upon submission of the final prospectus.
The registration statement covers 600 founder shares and 239,400 common shares, comprising 203,400 issued and outstanding common shares and 36,000 newly issued shares, with par value of P1,000 apiece.
ACE Malolos intends to offer the primary shares in tranches at an offer price ranging from P200,000 to P400,000 for every block of 10 shares. The offer shares may be traded over the counter.
Or the proceeds, the firm intends to allocate P500 million (35 percent) for project construction, P300 million (30 percent) for medical equipment, P32.07 million (10 percent) for loan payments and P165.03 million (5 percent) for working capital.
ACE Malolos is building a tertiary health care facility, which will be the biggest private hospital in Malolos City in Bulacan. As of March 31, the construction of the 172-bed hospital is 14.83 percent complete.
The offer comes with benefits and privileges such as discounts on medical and dental services, which the principal investor, the spouse, dependents and natural parents may avail of in all medical facilities under or affiliated with the ACE Group of Hospitals across the country.
Meanwhile, physicians and medical specialists holding founder or common shares in ACE Malolos will have the privilege to co-admit or co-manage patients on special cases in other ACE Medical Centers.
Subscribing to the offer shares is a prerequisite for physicians and medical specialists to practice at ACE Malolos. 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.