Metro Pacific's hospital unit applies for initial public offering

ABS-CBN News

Posted at Sep 04 2019 07:49 PM | Updated as of Sep 04 2019 08:16 PM

MANILA - The hospital unit of conglomerate Metro Pacific Investments Corp has applied for an initial public offering, the Securities and Exchange Commission said on Wednesday. 

"We just received an application for an initial public offering from Metro Pacific Hospital Holdings, Inc," the SEC said in a statement. 

The company operates several of the country's top hospitals including the Makati Medical Center, Asian Hospital, Cardinal Santos Medical Center, Our Lady of Lourdes Hospital, De Los Santos Medical Center, and Manila Doctors Hospital.

It also has stakes in regional hospitals like the Davao Doctors Hospital, Riverside Medical Center in Bacolod, and Central Luzon Doctors Hospital in Tarlac. 

"The offer comprises a primary offer of 35,821,919 common shares and a secondary offer of 381,271,010 common shares with an overallotment option of up to 40,771,095 common shares to be listed on the Main Board of the Philippine Stock Exchange," the SEC said.

SEC said the firm expects to raise P6.5 billion from the primary offer, which will be invested in its existing hospitals as well as acquiring additional hospitals. With the overallotment option, the total proceeds could be P75.1 billion.