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Manila Bulletin devider Business devider The Stock Market devider SEC approves P1-B direct offering of Zamboanga hospital

SEC approves P1-B direct offering of Zamboanga hospital

Published Jun 10, 2024 07:35 am

The Securities and Exchange Commission (SEC) has approved the P1-billion direct public offering (DPO) of Allied Care Experts Medical Center-Zamboanga, Inc. (ACE-MCZ).

In its meeting on June 6, the Commission En Banc resolved to render effective the registration statement of the company covering 360,000 common shares, subject to its compliance with certain remaining requirements.

The company, doing business under the name and style of Premier Medical Center Zamboanga, will offer 3,600 blocks composed of 15 shares per block, with a price ranging from P150,000 to P400,000.

ACE-MCZ expects to net P997.51 million from the offer, which will be used to finance the construction of its hospital and purchase of medical equipment, payment of loans, as well as pre-operational and operational expenses.

The company is currently constructing the Premier Medical Center Hospital, a 10-story healthcare facility with a 200-bed capacity in Barangay Tetuan, Zamboanga City. The hospital is scheduled to be completed by the end of the second quarter of 2024.

The shares will be traded over the counter through the hospital’s internal staff. The intended market for its shares will be mostly medical specialists and their relatives.

ACE-MCZ’s DPO was filed through the Commission’s Securing and Expanding Capital for Hospital Entrepreneurs (SEC HOPES) program, which aims to improve the medical industry’s access to capital by streamlining the registration process for public offerings intended to finance hospital projects.

Related Tags

Securities and Exchange Commission Allied Medical Experts Medical Center
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