After getting close to getting kicked out of the local bourse, listed firm NextStage Inc. finally complied with the public float requirement of the Philippine Stock Exchange (PSE) and is gearing up with its planned expansion activities.
In a disclosure to the Philippine Stock Exchange, the company reported that its public float level has reached 10.15 percent after 4.61 million NextStage shares were transferred to an individual investor.
Nexstage specified that the 4.6 million shares of stock sold to the particular investor represent 2.75 percent of its total issued and outstanding shares, and brings the total percentage of its publicly held shares to 10.15 percent.
The firm indicated that once the PSE lifts the trading suspension on its shares, it will start gearing up for some expansion activities.
“After the suspension is lifted, the company will finalize negotiations for the share swap with the following e-commerce corporations, namely, In-store Digital Display International, with a plan to swap shares by up to 100 percent, Snaworx Digital Inc. by minimum of 40 percent and Mobetxt Inc. by minimum of 19 percent,” the company said in the disclosure.
NextStage further said that it is being organized into a holding company for projects, ventures and holdings primarily in Southeast Asian, Japan and neighboring Asian countries without industry-specific limitations.
“The timing of this is aligned with current regional effort of these countries,” the firm said, adding that its management has started discussions with various investment groups to raise new capital, and will prepare a public offering to raise more funds for its investments and holdings.
As of now, NextStage is in negotiations to invest in VuQo Inc., a Philippine-made coconut-based vodka and is the licensee of Playboy Group USA.
“Negotiations are ongoing with Barfefli [Singapore] which is a trading platform for Asia based in Singapore. NextStage has also identified property development projects in the affordable homes sector and will be involved with a Japanese trading firm in developing a rice postharvest handling facility,” the company said.