SEC Approves Arthaland's Rental Pool, ACE Pateros' Direct Offering

MANILA, Philippines — The Securities and Exchange Commission (SEC) has cleared Arthaland Corp.’s rental pool program and a direct public offering of Allied Care Experts (ACE) Medical Center-Pateros Inc. The commission approved Arthaland’s registration statement covering 166 consolidated leasing agreements relating to its consolidated leasing solution (CLS) program. The consolidated leasing deals cover 142 units in a property project in Cebu City, while the remaining 24 units are located in a project in Taguig City. Arthaland launched the CLS program to improve accessibility and leasing visibility of smaller office units within certain developments. Under the program, Arthaland serves as the exclusive leasing agent for multiple unit owners by consolidating certain commercial units on designated floors in the Cebu and Taguig projects that belong to the lease pool floors. The units are offered as a single leasable space. A unit buyer who purchases a commercial unit in the lease pool floor is considered to have automatically enrolled the unit into the CLS program. Unit buyers are entitled to a pro-rata share in net rental income from the units covered by the program. Meanwhile, the SEC also considered the direct public offering of ACE Pateros worth up to P15 million. The company will offer 15,000 common shares as part of the primary offer, divided into 1,500 blocks with 10 shares each. The direct public offering is priced at P1,000 per share, with a minimum subscription of one block, or 10 common shares.