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ACE Medical Center-Zamboanga gets SEC nod for P1 billion IPO

Allied Care Experts Medical Center-Zamboanga Inc. (ACE-MCZ) has secured approval from the Securities and Exchange Commission to launch its maiden share sale worth up to P1 billion.

The initial public offering (IPO) involves 360,000 common shares, composed of 15 shares per block, with prices ranging from P150,000 to P400,000 per block.

Net proceeds from the IPO amounting to P997.51 million, will be used to finance the construction of a new hospital, purchase medical equipment, pay off loans, and cover pre-operational and operational expenses.

The Premier Medical Center Hospital, a 10-story healthcare facility with a 200-bed capacity in Barangay Tetuan, Zamboanga City, is scheduled to be completed by the end of the second quarter this year.

The shares will be traded over the counter through the hospital’s internal staff. The intended market for these shares will primarily be medical specialists and their relatives.

ACE-MCZ’s direct public offering (DPO) was filed through the Commission’s Securing and Expanding Capital for Hospital Entrepreneurs (SEC HOPES) program, which aims to improve the medical industry’s access to capital by streamlining the registration process for public offerings intended to finance hospital projects.

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