Hector Navasero’s Philab gets P400M financing from Altus
Hector Thomas A. Navasero’s health and science company Philab Holdings Corp. has obtained a P400-million financing from Altus Capital Partners following the company’s follow-on stock offering.
The funding from Altus Capital, private equity firm affiliated with the International Finance Corp., will boost working capital to carry out contracts directed by various government agencies to Philab, Navasero’s 50-year-old healthcare and life science enabling firm.
“We are proud to support the outstanding development and long-term growth of Philab. They are a prime example of what we look to invest in: pioneering companies with products and services that have profound impact in the communities they serve,” Inquirer quoted Altus managing director Pavan Gidwani.
Shares in Philab, formerly Alterra, closed at P7.16 on Tuesday, down by 4.5 percent or 0.34 centavos versus previous date trading price.