Alterra Gets OK for Corporate Name Change

THE BACKDOOR listing vehicle of the Philab Group has received regulatory approval to carry the biotechnology firm’s name.

The Securities and Exchange Commission on Jan. 20 approved the name change of Alterra Capital Partners, Inc. to Philab Holdings Corp., the company disclosed to the Philippine Stock Exchange (PSE) on Thursday.

The change in the corporate name of Alterra and consequently its stock symbol to “DNA” from “ALT” will be reflected on the bourse’s trading system starting Feb. 16.

The name change follows the reverse takeover of the listed company by Genomics, Inc. and Philab Industries, Inc. President Hector Thomas A. Navasero last year.

Genomics and Mr. Navasero first acquired 67% of Alterra’s issued and outstanding voting stock. The listed company would then took over 93.48% of Philab Industries’ outstanding capital stock.

In accordance with its backdoor listing, Alterra will undertake a follow-on offering of 500 million commons shares for P3.25 to P6.75 apiece to raise as much as P3.38 billion in fresh funds.

Shares in Alterra closed 12 centavos or 1.95% lower at P6.04 apiece on Thursday. — Keith Richard D. Mariano

Source: Business World Online