LISTED holding firm Alterra Capital Partners Inc. is planning to build a next-generation genomic sequencing facility in the Philippines as part of its transition into becoming a genomics busi-ness process outsourcing (BPO) hub.
In reply to a query from the Philippine Stock Exchange (PSE), Alterra said its new majority controlling owners, Genomics Inc. and Hector Thomas A. Navasero, plan to transform the company into a BPO hub.
“The genomics BPO hub is planned to be the first and largest next-generation sequencing facility in Asia, focused on wellness, education and healthcare,” Alterra said.
Last August 15, Genomics Inc. and its president Hector Thomas A. Navasero acquired 67 percent of Alterra or 208.6 million common shares from majority stakeholders Conrado Rafael C. Alcantara and Alfonso G. Anggala for a consideration of P362.3 million.
Navasero, who is also the president, chairman and chief executive officer of Philab Industries Inc., earlier announced that his group aims to improve the healthcare system in the country by providing basic and sophisticated solutions.
A subsidiary of Philab, Genomics Inc. is engaged in research development through bio-informatics. Alterra’s planned sequencing facility is seen to complement Genomics’ laboratory operations and needs.
Alterra said it still has to conduct a mandatory tender offer to complete the Genomics group’s 67 percent stake acquisition.
“Closing date for the transaction is September 23, or such later date as may be agreed upon by the parties, which shall in no case be later than September 27,” the company said.
Earlier, the PSE said the transaction was classified as a backdoor listing route and therefore subject to the rules on backdoor listing. A backdoor listing happens when a company buys at least a majority controlling stake in a listed firm — usually without operations — to be able to enter the stock market.
Formerly iRipple Inc., Alterra sold all its assets to Movemento Inc. In March 2015, 89.49 percent of the firm was acquired by businessmen Alcantara and Anggala, with the intent to conduct a backdoor listing.