Butuan City – Allied Care Experts Group has received the green light from the Securities and Exchange Commission (SEC) to proceed with the P1 billion initial public offering of ACE Medical Center-Butuan Inc.
ACE Medical Center- Butuan Inc. registered 36,000 shares with the SEC, which would be sold to the public at a price ranging from P200,000 to P400,000 for every block of 10 shares, in cash or installment.
The company plans to offer the first 600 blocks at P200,000, the next 900 blocks at P250,000, 1,850 blocks at P300,000 and the remaining 250 blocks at P400,000.
Proceeds will be used to build a Level II health care facility in Butuan City at South Montilla Boulevard, Villa Kananga.
Of the expected P951.9 million net proceeds, 30 percent will be used for construction, medical equipment (30 percent), pre-operating expenses (20 percent), debt servicing (10 percent), furnishing (five percent) and professional fees of architects and other professionals (five percent).
The facility will have eight storys and a 176-bed hospital with a total floor area of 20,370 square meters. The company expects to inaugurate the hospital by May 2021.
Read more at https://www.philstar.com/business/2019/06/25/1929193/sec-clears-p1-b-ipo-ace-medical-center?fbclid=IwAR1cEJLU88drel_qFnZHOi-UeOJpAbJAdz8UrP2m3T3PJpxmmEAWjpGX4Dc#7gk2WtgRIFs0pqGZ.99
