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STI
announced over the weekend it plans to go public in the
third quarter of the year via simultaneous listings at
the Philippine Stock Exchange (PSE) and the Stock
Exchange of Singapore (SGX).
STI
chairman Eusebio H. Tanco told reporters at Friday’s
launching of Delos Santos-STI MegaClinic at the SM
Megamall that the company is looking at raising up to
$30 million from the initial public offering (IPO). The
amount is equivalent to 30 percent of the company’s
market capitalization.
The
proceeds, Eusebio said, will be used for the company’s
future expansion projects since STI is “virtually
debt-free.”
From
operating a computer school, STI is now also offering
animation, medical transcription, health desk, review
center for nurses, overseas deployment of medical
personnel and hospital and health care services
provider, among others.
“We
might restructure the group to make it more attractive
to investors, but I think STI as a company is a viable
investment choice for stock market investors,” Tanco
said, noting that the current market conditions make it
the perfect time to go public.
In
February last year, STI acquired a significant stake in
Delos Santos Medical Center, now called the Delos
Santos-STI Medical Center.
The
partnership invested P250 million for the MegaClinic,
which occupies 2,000 square meters at the fifth level of
SM Megamall and is up for public opening on February
5.
The
clinic will be manned by 150 doctors and has five
operating rooms, 16 consultation rooms, a big pharmacy
and seven centers for different medical fields.
Despite
being situated in a mall, Tanco said the clinic will be
open from 7 a.m. to an hour past mall hours and will
have its own elevator access.
Because
of competitive consultation rates ranging from P300 to
P500, MegaClinic will also seek government accreditation
as medical tourism center—apart from being a prime
clinic for local patients.
The
clinic provides offices for different health maintenance
organization, including Maxicare and Fortune Care, under
a joint venture agreement.
Fortune
Care senior vice president Dottie Sibal said the
partnership with Delos Santos-STI in MegaClinic gives
their members better access to a major clinic that
offers a complete range of health care services.
Currently, Sibal said Fortune Care leads other HMOs in
terms of the volume of usage in all Delos Santos-STI
facilities. |
