MAJORITY shareholders of listed Alterra Capital Partners Inc. have sold 67 percent of the company to Genomics Inc. and Hector Thomas A. Navasero, who is the chairman and president of Philab Industries Inc., in what is deemed to be a backdoor listing route for Genomics.
In a disclosure to the Philippine Stock Exchange (PSE), Alterra said a share purchase agreement was signed on Friday, selling and transferring 208.6 million common shares of the company to Genomics and Navasero for P362.3 million.
“We understand that the buyers plan to construct a genomics BPO hub. Neither the sellers nor the company are party to the buyer’s plans,” the disclosure read.
Genomics is defined as the study of genes and their functions, and related techniques.
The PSE, in a separate notice, said the transaction is classified as a backdoor listing route and is 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.
Alterra chairman and president Conrado Rafael Alcantara sold 33 percent of his 45.5 percent stake, company treasurer Alfonso Anggala sold 10.2 percent of his 44 percent stake, and minority shareholder Star Alliance Securities Corp. sold all of its 23.79 percent stake.
The transaction will immediately transfer control of the company to Genomics and Navasero, but is still subject to a mandatory tender offer pursuant to the Securities Regulation Code.
The PSE issued a one-hour trading halt for Alterra’s shares to give the investing public time to digest the information. Alterra’s shares ended Monday’s trade at P5.35 each, down 9.93 percent or 59 centavos.
Formerly iRipple Inc., Alterra has been undergoing change in ownership and purpose since 2014 when the company sold all its assets to Movemento Inc., turning the company into a holding firm.
In March 2015, 89.49 percent of the firm was bought by businessmen Alcantara and Anggala.
with the intent to conduct a backdoor listing.
The company was behind Barter Merchandise Management Solution, a locally-developed software solution designed for merchandising operations of businesses, which employs point-of-sale (POS) transaction data with back-office business functions.
It is also an authorized reseller of IBM and HP servers and POS equipment, Epson printers, and Symbol-Motorola scanners.