By Max V. de Leon
Reporter
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.
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