SEC okays Ace Medical’s P1.44-B IPOhome/Business/Corporate News/SEC okays Ace Medical’s P1.44-B IPOTHE Securities and Exchange Commission (SEC) has approved Allied Care Experts (Ace) Medical Center Iloilo, Inc.’s plan to raise as much as P1.44 billion from an initial public offering (IPO). In the event that all shares are sold, Ace Medical said it expected net proceeds to hit P956.9 million. The amount will be used for the construction of a new medical facility worth P382.77 million, medical equipment worth P278 million, professional fees of architects and engineers of up to P47.85 million, pre-operating expenses of P191.38 million, and hospital and office furniture and fixtures of P47.85 million. Ace Medical is the fourth IPO registrant this year. Established in Iloilo City’s Jaro district on Dec. 10, 2014, Ace Medical is led by Chairman Amado Manuel Enriquez Jr. and President Ferjenel Biron.

Source: Manila Times December 22, 2018 01:07 UTC