The Securities and Exchange Commission (SEC) has considered favorably the public fundraising of Allied Care Experts (ACE) Medical Center-Palawan, Inc. and Aboitiz Power Corp. (AboitizPower).

A SEC statement it released to the Philippine News Agency (PNA) on February 24 said that on its meeting on February 23, the Commission en banc resolved to render effectively the respective registration statements of AboitizPower for the issuance of fixed-rate bonds worth up to P30 billion and of ACE Medical Center-Palawan for the initial public offering (IPO) of shares worth about P1 billion, subject to certain remaining requirements.

ACE Medical Center- Palawan
SEC said ACE Medical Center-Palawan will offer 36,000 common shares in tranches at an offer price ranging from P200,000 to P362,500 for every block of 10 shares, in cash or installment. The shares will be traded over the counter.
“The company expects to raise P996.93 million in net proceeds for the construction of ACE Palawan Hospital, debt servicing, purchase of medical equipment, and working capital for six months,” the SEC statement said.
ACE Medical Center-Palawan is currently building an eight-story, 120-bed healthcare facility with a total floor area of 16,538 square meters in Barangay San Pedro, Puerto Princesa City. 
The project is slated for completion by the fourth quarter of 2021 or the first quarter of 2022.
The intended markets for the IPO are mostly medical specialists and their relatives, the statement claimed.
Subscribing to the offer shares is a prerequisite for physicians and medical specialists to practice at ACE Medical Center–Palawan. 
Physicians looking to hold clinics at the hospital must have paid in full 10 common shares plus a “privilege to practice” fee of P150,000.
The company will provide 32 clinic spaces for 320 medical practitioners, which will be given on a first-come, first-serve basis.
The IPO also comes with 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.

AboitizPower may issue the debt securities in one or more series within three years. For the first tranche, the listed company will offer up to P4 billion of fixed-rate bonds due 2026, with an oversubscription option of up to P4 billion, at face value.
Assuming full exercise of the oversubscription option, AboitizPower expects to net P7.895 billion from the first tranche. 
The proceeds will be used for the redemption of bonds maturing 2021 and for the early redemption of bonds maturing in 2026.
The company intends to list the fixed-rate bonds for trading on the Philippine Dealing & Exchange Corp.
AboitizPower engaged BDO Capital & Investment Corporation, BPI Capital Corporation, China Bank Capital, and First Metro Investment Corporation as joint issue managers, joint lead underwriters, and joint bookrunners for the offering.

About Post Author

Previous articlePWD inmates receive cash allowance
Next articleWearing of face shields in Palawan plebiscite voluntary: COMELEC
handles the online presence of Palawan News as its social media manager. When she has free time, she travels and writes about her adventures.