Share sale to raise up to P3.37B
ALTERRA Capital Partners Inc. is set to raise up to P3.37 billion from its planned follow-on offering to finance its expansion plans in the next few years.
In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, Alterra said it has set the indicative price range for the follow-on offering of 500 million common shares at P3.25 to P6.75 per share.
This means the share offer would raise for the company about P1.625 billion to P3.375 billion in fresh funds.
Alterra has appointed Philippine Commercial Capital Inc. as the lead underwriter for the share sale.
The company said it planned to file a listing application with the PSE “either on January 18 or 19” as it is still awaiting the approval of the Securities and Exchange Commission for the follow-on offering.
Alterra, the backdoor listing vehicle of Philab Industries Inc., also recently signed loan agreements with several banks that raised P437.1 million funds for the company.
The company is raising funds to carry out the group’s plans, mobilizing new businesses through Philab, and further expanding Philab’s business operations. The Philab group earlier mentioned that it planned to use Alterra as a vehicle to construct a genomics BPO hub for Genomics Inc., also a subsidiary of Philab.
Before the entrance of the Philab group, Alterra was formerly iRipple Inc. In 2014 it sold all its assets to Movemento Inc. In March 2015, 89.49 percent of the firm was bought by businessmen Conrado Rafael C. Alcantara and Alfonso G. Anggala, with the intent to conduct a backdoor listing.
Alcantara and Anggala were the shareholders of 67 percent of Alterra that was transferred to the Philab group in August 2016.