JACKSTONES, Inc. (formerly NextStage, Inc.) is forming a property management company.
In a disclosure to the stock exchange Tuesday, the Tanenglian-led firm said its board of directors approved last week the plan to incorporate Jackstones Property and Consultancy Services Corp.
The wholly owned subsidiary, it said, will have an initial capitalization of P10 million.
“[It] would serve as a property management company for Jackstones,” the disclosure said.
Jackstones serves as the holding company for projects, property ventures, businesses and assets primarily based in Southeast Asia. Before it was renamed in 2014 from NextStage, Inc., the company was focused on the technology sector.
Established in 1964 as Pacific Cement Co., Jackstones went from managing a cement-related business to handling electronics to becoming the holding firm that it is today.
Ketton Holdings, Inc. of Chairman Mariano Chua Tanenglian came in as investor in Jackstones in 2014, acquiring 70% of the company’s outstanding shares.
Before that, Jackstones’ corporate assets included shares in technology firms Mondex Philippines, Inc.; Technology Support Services, Inc.; Infinit-E Asia, Inc. and Mondex Protector Philippines, Inc.
In the six months ending June, the listed company posted a net loss of P3.19 million, expanding from P2.56-million loss in the same period last year.
In a regulatory filing, Jackstones said the Philippine Stock Exchange lifted the suspension on the trading of its shares in July after being suspended in June 2013.
Shares in Jackstones added P0.02 apiece or 0.65% to close at P3.09 each on Tuesday. — Denise A. Valdez