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SEC OKs ACE Medical Center Zamboanga direct public offering

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THE Securities and Exchange Commission (SEC) has approved the planned direct public offering (DPO) of Allied Care Experts Medical Center-Zamboanga, Inc. (ACE-MCZ) worth up to P1 billion.

The commission en banc rendered effective ACE-MCZ’s registration statement covering 360,000 common shares during a June 6 meeting, the corporate regulator said in a statement on Monday.

ACE-MCZ, which operates under the name and style of Premier Medical Center Zamboanga, will offer 3,600 blocks composed of 15 shares per block, with a price ranging from P150,000 to P400,000.

The company is expecting to generate P997.51 million worth of net proceeds from the offer, which will be used to fund the construction of its hospital, acquisition of medical equipment, payment of loans, and pre-operational and operational expenses.

ACE-MCZ is building the 10-story Premier Medical Center Hospital in Barangay Tetuan, Zamboanga City. The 200-bed hospital is scheduled to be completed by the end of the second quarter. 

The hospital will offer various services such as primary care, specialty care, and diagnostic testing.

“The shares will be traded over the counter through the hospital’s internal staff. The intended market for its shares will be mostly medical specialists and their relatives,” the SEC said.

ACE-MCZ’s DPO was filed via the SEC’s Securing and Expanding Capital for Hospital Entrepreneurs program, which seeks to improve the medical industry’s access to capital by streamlining the registration process for public offerings intended to finance hospital projects. — Revin Mikhael D. Ochave