Philab Holdings Corp., a local health care and life science enabling holding company, has secured financing worth P400 million from Altus Capital, an affiliate of the World Bank Group’s International Finance Corp. (IFC) .
Altus Capital Corp., a specialist investment firm managed by Altus Capital Partners, has provided financing to the Philippine health-care company due to its promising track record.
The transaction represents a vote of confidence from the investment giant reflecting the company’s record of profitability and growth.
“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,” Altus Managing Director Pavan C. Gidwani said.
Financing from Altus will provide working capital for Philab to carry out contracts mandated by various government agencies to roll out medical and education kits nationwide.
A pioneer in the Philippine health science sector, Philab has produced and supplied the majority of the country’s medical and education materials for laboratories and schools. The Department of Education (DepEd) has also partnered with the company in supplying math and science teaching kits to over 34,000 schools in the country.
Among its many innovations, Philab initiated an affordable self-diagnostic screening kit under the brand LabIt.
The self-test kit allows early determination of dengue, the debilitating mosquito-borne disease.
As of December 2016, Philab has been awarded a total of P3.2 billion in contracts by the DepEd, the Department of Health and the National Institutes of Health-University of the Philippines Manila.
Philab Industries Inc. is a leading scientific enabling company engaged in the health-care business, providing the industry and education sector with life science equipment and services. With over 50 years of experience, the company supplies educational materials and medical equipment to various public and private institutions.
Altus Capital is an investment manager with an 11-year track record investing in and advising on structured finance and special situation transactions across Southeast Asia. Through its partnership with a network of institutional investors, Altus has built an investment platform that span loan portfolios, hospitality real estate, affordable housing and
single credits.
The firm employs 25 people with offices in Manila, Bangkok and Singapore and has over $250 million in assets under management.