The Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of Tarlac Electric Inc. and Asia Pacific Medical Center (APMC)-Aklan Inc.
In its en banc meeting on Thursday, the SEC approved the registration statements of Tarlac Electric and AMPC-Aklan covering 5.75 million common shares and 240,000 common shares, respectively.
Of the total number of shares registered, Tarlac Electric will offer 1.75 million common shares priced at up to P380 per share through an IPO. The shares will be offered over the counter and will not be traded on the Philippine Stock Exchange.
The offering is being made pursuant to Tarlac Electric’s franchise, which requires the company to publicly offer 30 percent of its outstanding capital stock to Filipino citizens on or before the fifth year from commencement of its operations.
Tarlac Electric expects to net P642.52 million from the offer. Proceeds will be used to retire short-term loans and to fund the company’s capital expenditure projects and general working capital.
The company engaged Penta Capital and Investment Corp. as sole underwriter for the transaction.
APMC-Aklan, meanwhile, will offer 35,420 shares, equivalent to 3,600 blocks or 10 shares per block at an offer price ranging from P250,000 to P350,000 per block. The shares will be traded over the counter.
The company expects to net P983.02 million from the offer, which will be used to complete the construction, development and operation of its hospital.
APMC-Aklan is currently constructing a seven-story, 216-bed health care facility worth P1.3 billion. The project is slated for completion by the second quarter of 2023. The hospital will include doctors/dentists’ clinics, office area for the health maintenance organization, administration office, parking lots, commercial area, and waiting areas for patients.
The intended market for the IPO will be medical specialists and their relatives.
Subscribing to the shares will qualify the medical specialists to practice at the hospital, subject to pre-qualification procedures, aside from earning dividends as may be declared.
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