Alterra Capital Partners Inc. said Wednesday its board approved the acquisition of a 93.48-percent stake in Philab Industries Inc. for P860 million.
Alterra said in a disclosure to the stock exchange it acquired 351,750 shares in Philab Industries at P2,445 per share, which was seen as a fair value.
The acquisition followed the takeover of 67 percent of the issued and outstanding voting stock of Alterra by Genomics Inc. and Philab Industries president Hector Thomas Navasero for P362.32 million through a block sale on Oct. 11.
Aside from the acquisition of Philab Industries, Alterra’s board of directors also approved the issuance of 2 billion common shares of the corporation at a subscription price of P0.25 each. The aggregate price is P500 million.
The new owners earlier said they were looking at the possibility of infusing assets into the company which would include a Genomics business process outsourcing hub focused on wellness, education and healthcare.
Another option considered was to use Alterra for the backdoor listing of Philab Holdings Corp.
Genomics is a company engaged in research and development in the area of bio-informatics. Navasero is the president of Genomics and Philab Industries Inc. which is engaged in healthcare, medical equipment and devices and education.
Philab has been in the business since 1959 and has been a supplier of math and science equipment to Education Department. Among its clients are the Department of Health, National Institutes of Health at UP Manila and Department of Science and Technology.