NextGen Day

MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved Converge Information and Communications Technology Solutions, Inc.’s fixed-rate bond offering and Asia Pacific Medical Center (APMC) Bacolod, Inc.’s initial public offering.

The commission en banc decided on March 22 to make effective Converge’s registration statements covering up to PHP20 billion in bonds under shelf registration and APMC Bacolod’s registration statements covering up to PHP1 billion in common shares, subject to the companies’ compliance with certain remaining requirements.

Within three years, Converge may offer the PHP20 billion fixed-rate bonds in tranches.

The public will be able to purchase up to PHP5 billion in bonds due 2027 in the first tranche, with an oversubscription option of up to PHP5 billion.

The corporation might profit up to PHP9.87 billion from the offer if the oversubscription option is fully utilized.

The proceeds will be used to cover the company’s capital expenditures for plant equipment and other tangible and intangible assets related to the growth of its nationwide fiber network.

According to the latest timeline provided to the SEC, the bonds in the first tranche would be auctioned at face value from March 14 to 18, and will be listed on the Philippine Dealing & Exchange Corp. on March 25.

BDO Capital & Investment Corporation has been appointed as the transaction’s issue manager, and BPI Capital Corporation has been appointed as joint lead underwriter and bookrunner.

APMC Bacolod will offer 3,600 blocks of ten shares each to the public, with offer prices ranging from PHP250,000 to PHP400,000 per block. Over-the-counter trading will be available for the shares.

The business plans to use the net proceeds from the offering for development and construction, loan repayment, working capital, and other expenses related to its PHP2.6 billion medical center in Bacolod.

The business is currently building a seven-story, 248-bed hospital at Lacson Street in Barangay Bata, Bacolod City, Negros Occidental, with a total floor space of 38,084.03 square meters.

Medical practitioners and their relatives, as well as the general public, will be the target market for the IPO.

Physicians and medical specialists must subscribe to the offer shares in order to practice at APMC Bacolod.

Physicians interested in holding clinics at the hospital must have paid in full for at least one block or ten shares and have passed the hospital’s screening process and met the minimal standards.

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