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SEC approves Aboitiz firm’s bonds, medical center’s IPO

THE Securities and Exchange Commission (SEC) has approved Aboitiz Power Corp.’s bond offering and has greenlit Allied Care Experts (ACE) Medical Center-Palawan, Inc.’s initial public offering (IPO).

“In its meeting on February 23, the Commission En Banc resolved to render effective 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 of shares worth about P1 billion, subject to certain remaining requirements,” the SEC said in a statement.

The commission granted AboitizPower permission to issue the securities in one or more series in the next three years. The company plans to offer up to P4-billion fixed-rate bonds due in 2026, to be listed on the Philippine Dealing & Exchange Corp.

The company will also make available an oversubscription option of up to P4 billion at face value.

“Assuming full exercise of the oversubscription option, AboitizPower expects to net P7,895,302,675 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 commission said.

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ACE Medical Center meanwhile was given the green light to sell 36,000 common shares in batches. A block of 10 shares may be sold from P200,000 up to P362,500 over the counter.

“The intended market for the IPO are most medical specialists and their relatives,” the corporate regulator said.

The IPO includes medical and dental service discounts at any health-care facility affiliated to the ACE Group of Hospitals, which may be availed by stockholders, their partner, dependents, and parents.

“Subscribing to the offer shares is a prerequisite for physicians and medical specialists to practice at ACE Medical Center-Palawan. Physicians looking to hold clinic at the hospital must have paid in full 10 common shares plus a ‘Privilege to Practice’ fee of P150,000,” the SEC said.

The proceeds from the public fundraising is expected to amount to P996.93 million. The funds will be used by ACE Medical Center to buy medical equipment, for its six-month worth of working capital, and to finance debt services.

Proceeds will also be used for the construction of ACE Palawan Hospital, an eight-storey health-care building with a floor area of 16,538 square meters in Brgy. San Pedro, Puerto Princesa.

The facility will house 120 beds, and is expected to be completed by late 2021 or the first quarter of 2022.

At least 32 clinic spaces will be allotted to 320 medical professionals, to be distributed on a first-come, first-served basis. — Keren Concepcion G. Valmonte

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