Philab Industries Inc. is cementing its entry into the Philippine Stock Exchange (PSE) via backdoor listing with listed firm Alterra Capital Partners Inc.
In a disclosure to the PSE on Wednesday, Alterra said it executed the buyout of 351,740 Philab shares at P2,445 per share for an aggregate price of P860 million.
The shares acquired and absorbed by Alterra were equivalent to a 93.-percent stake in Philab.
In addition, Alterra noted in the same disclosure that it issued 2 billion of its shares out of an increased authorized capital stock at a subscription price of P0.25 per shares or P500 million in total.
The plan is for Alterra to absorb Philab.
In August, Alterra disclosed its majority stakeholders sold their 67 percent stake in the company to Philab President Hector Thomas A. Navasero and Philab subsidiary Genomics Inc. for P362.324 million.
Alterra said the Philab group aims to use the listed firm as a vehicle to construct a genomics BPO hub for Genomics Inc.
Formerly iRipple Inc., Alterra has been undergoing changes in ownership and purpose since 2014. The company sold all its assets to Movemento Inc. and turned the surviving company into a holding firm.
In March 2015, businessmen Conrado Rafael C. Alcantara and Alfonso G. Anggala bought 89.49 percent of the company with a view to doing a backdoor listing.
Alcantara and Anggala previously held 67 percent of Alterra, before the equity was transferred to the Philab group in August.