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The Securities and Exchange Commission (SEC) has considered favorably the maiden public offerings by Allied Care Experts Medical (ACE) Center- Cagayan de Oro, Inc. (CDO) and Central Azucarera de San Antonio, Inc. (CASA). In its meeting on August 31, the Commission En Banc resolved to render effective the registration statements of ACE Medical Center- CDO and CASA covering 240,000 common shares and 1,850,000 common shares, respectively, subject to the companies’ compliance with certain remaining requirements.
ACE MEDICAL CENTER – CDO ACE Medical Center- CDO will offer 3,600 blocks composed of 10 shares each, with a price ranging from P200,000 to P400,000 per block. The shares will be traded over the counter through the hospital’s internal staff.
The company expects to net P996,696,895 from the offer. Proceeds will be used for construction expenses of its hospital in Cagayan de Oro estimated at P778.4 million, the acquisition of medical equipment, the partial payment of a loan, as well as for the hospital’s working capital requirement.
The intended market for the IPO will be medical practitioners and their relatives, as well as the public.
Physicians and other medical specialists who subscribe to at least one block or 10 shares from the offer will be allowed to practice in the company’s hospital, subject to restrictions, limitations, and obligations as may be imposed by ACE Medical Center-CDO.
ACE Medical Center-CDO is currently constructing an eight-story, 176-bed healthcare facility covering a floor area of 21,198 square meters in Barangay Lapasan, Cagayan de Oro City.
Subscribing to the offer shares is a prerequisite for physicians and medical specialists to practice at ACE Medical Center- CDO. Physicians looking to hold clinic at the hospital must have paid in full one block or 10 common shares and must have undergone the required screening process and minimum requirements prescribed by the hospital.
Subscribers to the IPO will also be given benefits and privileges such as discounts on medical and dental services, which the stockholder, his/her spouse, dependents and natural parents may avail of in other medical facilities affiliated with the ACE Group of Hospitals. ##
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