Nextstage unloads assets after failed listing deal

MANILA, Philippines - Dormant firm Nextstage Inc. is unloading several assets following a scuttled backdoor listing deal with a popular coconut vodka manufacturer.

In a disclosure, the company said its board approved the sale of corporate assets consisting of stocks in multi-application smart card operator Mondex Philippines Inc., outsourcing firm Technology Support Services Inc., software developer Infinit-E Asia Inc. and Mondex Protector Philippines Inc.

Last month, VuQo Inc., the company behind the world’s first premium vodka distilled from coconut nectar, dropped its plan to merge with Nextstage. The company said the lengthy transaction would fail to satisfy the urgent funding needs of VuQo.

Moving forward, the board discussed Nextstage’s reorganization plans.

“The board of directors had a discussion on the direction of the corporation and manifested its continued commitment to implement the business plan,” Nextstage said.

It aims “to maximize its structure as a holding company and focus on the ASEAN region and other Asian involvements, with a view of integration into the ASEAN Economic Community,” it added.

Nextstage earlier announced that it is preparing for the company’s revitalization through acquisitions. Specifically, Nextstage plans to secure up to 100 percent of digital signage firm In-store Digital Display International Inc., a minimum of 40 percent of digital marketing firm Snapworx Digital Inc. and a minimum of 19 percent of mobile phone marketing company Mobext Inc.