Philab Industries moves closer to backdoor listing

MANILA, Philippines – Philab Industries Inc. has moved a step closer to listing via the backdoor at the Philippine Stock Exchange (PSE) after Alterra Capital Partners Inc. acquired 93.48 percent of the health and science company.

In a disclosure to the PSE, Alterra said it acquired 93.48 percent of Philab Industries in a transaction that folded Philab into a new holding company called Philab Holdings Corp.

Alterra acquired 351,740 shares of Philab for P2.445 per share or P860 million, which Alterra said was “supported by a fairness opinion.”

Subsequently, Alterra issued two billion shares at a subscription price of P0.25 per share or P500 million.

Alterra’s acquisition comes less than two months after Philab acquired a 67 percent stake in Alterra in October.

It was on Oct. 11 when Genomics Inc. and Philab president and stockholder Hector Thomas Navasero purchased 208.62 million shares, executed via special block sale.

Philab acquired the shares in Alterra from shareholders Conrado Rafael Alcantara, Alfonso Anggala and Star Alliance Securities Corp.

Philab had been looking for a shell company to acquire for its backdoor listing.

As early as June, shares of Alterra have been going up on speculation it was being acquired by bigger companies.

Philab is a pioneer in the Philippine health science sector with 60 years experience in the field. It has forayed into various areas like health test kits, construction of science and medical facilities, and into the education sector and soon, genomics.

Alterra Capital Partners Inc. formerly iRipple Inc. was incorporated on Nov. 21, 2000 to establish, operate, develop, manage and provide software solution projects and related businesses as well as to engage in trading of computer hardware and software products. iRipple started commercial operations in January 2002.

Last week, Alterra also disclosed it has been given the authority by its board of directors to enter into an omnibus loan and security agreement with Altus Capital Corp. for the amount P400 million to be repaid within 30 months with interest at a rate of 15 percent per annum.

The loan was intended for working capital requirements.