ACE Tacloban is aiming to raise as much as P1 billion in fresh capital from its maiden offering to fund its expansion.
The Securities and Exchange Commission (SEC) on Saturday said it has cleared Allied Care Experts (ACE) Medical Center-Tacloban, Inc.’s initial public offering (IPO) in a meeting on 26 September.
The corporate regulator said it has approved ACE Tacloban’s registration statement covering a total of 228,000 common shares with a par value of P1,000 apiece after the firm’s compliance to certain requirements.
ACE Tacloban is aiming to raise as much as P1 billion in fresh capital from its maiden offering to fund its expansion. It is targeting mostly medical specialists and persons related to medical specialists for the IPO.
ACE Tacloban will issue 36,000 common shares in four tranches at an offer price of P200,000 to P400,000 for every block of 10 shares, in cash or installment, to be traded over the counter, the SEC said.
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The company eyes netting P987.89 million from the offering, P423 million of which will be used for loan payments; P262 million for medical equipment; P160.6 million for working capital; P55 million for construction; P49.39 million for furniture and fixtures; P36.9 million for pre-operating expenses; and P400,000 for the professional fee of architects and other professionals.
ACE Tacloban is constructing the 14,026-square meter Level II of its health care facility in Brgy. 78, Marasbaras, Tacloban City. The 10-story development will be equipped with 152 beds and is expected to be completed by October this year.
Further, the SEC said subscribing to ACE Tacloban’s shares will be a requirement for physicians and medical specialists seeking to practice at the hospital.
“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 SEC said.
Physicians who would want to hold clinic at the hospital will also have to pay a fee of P150,000 as a “Privilege to Practice” fee. Those who will pay the one-time fee will become members of the hospital’s active staff, while those who will not will serve as members of the visiting staff, SEC said.
