The Securities and Exchange Commission approved the P1-billion initial public offering of Allied Care Experts (ACE) Malolos Doctors Inc.
The SEC in a May 28 meeting cleared the registration statement of ACE Malolos and subsequently issued a 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 plans to offer the primary shares in tranches at price ranging from P200,000 to P400,000 for every block of 10 shares. The shares may be traded over the counter.
The company aims to raise P997,067,704 in net proceeds. It plans to allocate P500 million on project construction, P300 million on medical equipment, P32.07 million for loan payments and P165.032 million for working capital.
ACE Malolos is currently building a tertiary health care facility, which will be the biggest private hospital in Malolos City in Bulacan.
The construction of the 172-bed hospital is nearly 15 percent complete as of end March 2019.
The offering comes with benefits and privileges, such as discounts on medical and dental services, which the principal investor, his 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 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.