Genomics firm buys listed firm

Holding firm Alterra Capital Partners Inc., subject of backdoor-listing speculation in recent months, has been acquired by a group keen on putting up a genomics business process outsourcing (BPO) hub.

In a disclosure to the Philippine Stock Exchange Monday, Alterra disclosed that its principal shareholders have agreed to sell 67 percent of the company to Genomics Inc. and Hector Thomas Navasero for P362.32 million.

“We understand that the buyers plan to construct a genomics BPO hub,” the disclosure said.

Genomics is the study of the entire set of genes found in living things, including humans, plants, animals and even viruses. Experts in genomics strive to determine complete DNA sequences and perform genetic mapping to help understand diseases.

As the deal involves 208.62 million shares, it translates to a purchase price of P1.737 a share, marking a discount to Friday’s closing price of P5.40 each.

“The sale will effectively transfer control of the company to the buyers, subject to the completion of a mandatory tender offer pursuant to the Securities Regulation Code and its implementing rules and regulations and other closing conditions,” the disclosure said.

The selling shareholders were Conrado Rafael Alcantara, Alfonso Anggala and Star Alliance Securities Corp.

Upon compliance with the closing conditions, the shares would be transferred to the buyers through a special block sale on the PSE, the disclosure said. Doris Dumlao-Abadilla