The Securities and Exchange Commission just recently approved the initial public offering of Allied Care Experts Medical Center-Tacloban, Inc. (ACE Tacloban). Given this approval, the company can now push through with its plan to raise up to P1-Billion funds. The registration of the firm was approved during its en banc meeting last September 26. It seems like this year is really the time for IPO as it keeps on showing up from different known companies in the country. Plus, companies who are new to the market usually offer good price deals per share. You better watch out for the coming news about these IPOs!
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The IPO of ACE Tacloban will compose of 36,000common shares with an equivalent value of P200,000 to P400,000 for every group of 10 shares. The issuance of these shares will be done in portions and these will be traded over the counter. The firm is actually eyeing on medical individuals and specialists to join the offering. The company will make it a requirement for medical specialists and physicians who will practice in the hospital to subscribe. It’s a good thing that the hospital is not exclusively offering the shares to outside investors. By this policy, it is actually encouraging its staff to invest.
The hospital disclosed the requirement to be a part of the community. Say for instance, if a physician wants to retain a clinic within ACE, he/she will have to pay what they call the “Privilege to Practice” fee worth P150,000. They will be a part of the active staff of the hospital who will have the chance to be a part of the rotation of the house and walk-in cases. For those who are not willing to pay that one-time fee, they can still be a part of the community but they will only be members of the visiting staff. This means that they can admit patients but they cannot have their own clinic within the hospital and participate in the rotation of house or walk-in cases.
Just like any other companies who just entered the stock market, ACE has a better plan for its business. The funds to be raised from this IPO is expected to reach P987.88 million and this will be utilized to pay for loans, working capital, medical equipment, construction, pre-operating expenses, furniture and fixtures, and professional fees of architects and other professionals the company is working with. The firm is currently putting up its 10-storey ACE Medical Center-Tacloban in Tacloban City and it is expected to be completed by October.