MANILA -- The Securities and Exchange Commission said Monday it approved the plan of a member of the Allied Care Experts group of hospitals to raise up to P1 billion from an initial public offering.
The regulator said it would allow ACE Medical Center-Butuan Inc to sell 36,000 common shares at an offer price of P200,000 to P400,000 for every block of 10 shares.
"The intended market for the IPO are mostly medical specialists and individuals related to medical specialists," the SEC said. Owning shares is a requirement for doctors to practice in the hospital, it said.
The ACE unit is building an 8-storey, 176 bed hospital in Butuan City that was 42.47 percent complete as of May 31, the SEC said.
The SEC said it earlier approved the maiden offerings of ACE Malolos Doctors Inc. for P1 billion and ACE Medical Center Iloil, Inc for P1.44 billion.