Allied Care Experts Medical Center-Zamboanga Inc. (ACE-MCZ) of the ACE Medical Center Group of Hospitals is offering to the public P1 billion worth of shares for a hospital being constructed in Zamboanga City.
The Securities and Exchange Commission said tit has approved the plan of ACE-MCZ to issue 360,000 common shares 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 iPremier Medical Center Zamboanga, and purchase of medical equipment, payment of loans, as well as pre-operational and operational expenses.
The 10-story healthcare facility in Barangay Tetuan has a capacity of 200 beds. It is scheduled for completion this quarter.
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,” the SEC said.
