The board of conglomerate Ayala Corp. has approved the company’s shelf registration of P30 billion worth of bonds, a third of which will be immediately sold to the market.
In its disclosure, the conglomerate said it will issue some P6 billion worth of fixed-rate bonds and an additional P4 billion in oversubscription option.
The company will still have to submit its registration papers with the Securities and Exchange Commission (SEC).
Early this month, Ayala said its unit, Ayala Healthcare Holdings Inc., has completed its acquisition of a majority stake of Mercado General Hospital Inc.
The acquisition was facilitated through AC Health unit, Healthway Philippines Inc., which purchased shares from White Knight Holdings Inc., a wholly owned subsidiary of Ayala Land Inc. and other shareholders.
Mercado General owns and operates the Qualimed Health Network, which includes 4 hospitals: Qualimed Sta. Rosa located in Nuvali, Qualimed San Jose Del Monte in Bulacan, Qualimed Iloilo in Iloilo City and Daniel O. Mercado Medical Center in Tanauan, Batangas.
Qualimed also operates an ambulatory surgical center in UP-Philippine General Hospital, and has clinics in Makati, Quezon City and in Cebu IT Park.
Jaime E. Ysmael, formerly Ortigas Land Corp. president, assumes the presidency in Qualimed, AC Health said.
Prior to his Ortigas Land stint, Ysmael was previously the senior vice president and group chief financial officer of Ayala Land Inc., and was a managing director of Ayala Corp.