AboitizPower, ACE Medical offers OK’d

The Securities and Exchange Commission (SEC) said on Wednesday it approved Aboitiz Power Corp.’s (AboitizPower) P30-billion bond offer and Allied Care Experts (ACE) Medical Center-Palawan Inc.’s P1-billion initial public offering (IPO) the day before.

In a statement, the commission said Aboitiz Equity Ventures Inc.’s power unit might issue debt securities in one or more series within three years. The first tranche will cover up to P4 billion of fixed-rate bonds due 2026, with an oversubscription option of up to P4 billion.

AboitizPower eyes to raise P7.895 billion from this tranche and use the amount to redeem bonds maturing this year and 2026.

The bonds will be listed on the Philippine Dealing & Exchange Corp.

BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital, and First Metro Investment Corp. are the offering’s joint issue managers, lead underwriters and bookrunners.

Meanwhile, ACE Medical Center-Palawan will offer 36,000 common shares in tranches at between P200,000 and P362,500 for every block of 10 shares, to be traded over the counter.

The company looks to raise P996 million from the IPO to fund the construction of the eight-story, 120-bed ACE Palawan Hospital in Puerto Princesa City, debt servicing, purchase of medical equipment and working capital for six months.

The building is targeted to be completed late this year or early 2022.

Medical specialists and their relatives are the offering’s intended market.

“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.

Article and Photo originally posted by Manila Times last February 25, 2021 12:00am and written by Faye Almazan.