Nextstage complies with minimum float rule

MANILA, Philippines - Dormant firm Nextstage Inc. has complied with the public float rule, days before the Philippine Stock Exchange (PSE) starts delisting erring firms from the local bourse.

In a disclosure, Nextstage said its shareholder Perfect Research Technology Corp. has assigned 4.608 million Nextstage shares to Brian Vincent Belen.

“The 4.608 million shares of stock assigned represent 2.75 percent of the total issued and outstanding shares of Nextstage,” the company said.

Given the negative equity of Nextstage, Perfect Research said it is irrevocably transferring the 4.608 million shares worth one centavo each to Belen.

After the transaction, Nextstage’s public float will increase to 10.15 percent, which is in compliance with the PSE’s minimum public ownership requirement.

As of end-May, the company’s public ownership level stood at 7.4 percent, higher than the 1.2 percent in December.

Last month, Nextstage announced its plan to transform into a holding company for its various businesses in Southeast Asia and Japan.

Emerging markets, particularly those in Southeast Asia like the Philippines and Indonesia, are expected to post robust consumption-driven economic growth amid continuing weaknesses in advanced economies.

Nextstage has three subsidiaries: smart card system operator Mondex Philippines Inc., software developer Infinit-e Asia Inc. and outsourcing and technology provider Technology Support Services Inc.

Nextstage was originally incorporated in 1964 as Pacific Cement Co. Inc. to engage in the manufacture and trading of cement and related products.