JACKSTONES Inc. said on Monday it was “seriously considering” another public equity offering to raise funds for its planned expansion into the Association of Southeast Asian Nations (Asean) market.
Company president Maximilian So Tanenglian told a recent annual stockholders meeting the company is negotiating with “various investment groups” to raise new capital, but it is also keen on conducting another public offer to raise funds for its expansion program.
Tanenglian said the company is looking at potential investments, including projects, ventures, businesses and assets, which the company can own through an exchange of issued shares.
“We will continue to implement the business plan, as disclosed to the SEC [Securities and Exchange Commission] and the PSE [Philippine Stock Exchange] last year, to maximize its structure as holding company, and focus on the Asean region and other Asian involvements with a view to integration into the Asean Economic Community,” the company said in a disclosure to the stock exchange.
“The corporation plans to expand its holdings in information technology to include ventures in energy and power-related holdings, agri-business and real estate,” it said.
The company cut its net losses last year by more than half to P3.47 million from P9.9 million in 2013.
In October last year, Jackstones announced that a group of new investors had taken over a 70-percent controlling stake in the company equivalent to 117.29 million shares priced at P2.2679 each.
The buyers included Tanenglian, who was previously a part of the Lucio Tan group of companies until he had a falling out with his brother, Lucio Tan.