Jackstones shares in half-day trading halt on PSE

Shares of Jackstones Inc. are suspended from trading on the Philippine Stock Exchange (PSE) Monday after the company asked for a voluntary trading halt to allow investors to absorb and understand its recent transaction.

 

The PSE approved the voluntary trading suspension of Jackstones Inc. from 9 a.m. to 1:40 p.m. on Oct. 13. There will be a 10-minute reservation period prior to resumption of trading, according to a disclosure Jackstones filed before the exchange.

 

The company said it asked for the suspension "in connection to the memorandum of agreement entered into by shareholders of the corporation which may materially affect market activity as well as the trading prices of the shares."

 

Under an Oct. 12 memorandum of agreement, 117,291,367 shares at P2.2679 per share were purchased from 11 shareholders of the company.

 

The company said the suspension will "allow the investing public time to absorb and fully understand the impact of the said transaction." 

 

Formerly NextStage Inc., Jackstones was originally incorporated on April 22, 1964 as Pacific Cement Company Inc. to engage in the manufacture and trading of cement and related products, according a company description on the PSE.

 

In June 2000, the Securities and Exchange Commission (SEC) approved the change in primary purpose of the company to that of a holding company and changed its corporate name to PACEMCO Holdings Inc. 

 

In December 2000, PACEMCO acquired 100 percent of the capital stock of NXT, and in 2001, the SEC approved the merger of PACEMCO and its subsidiary, Nextstage, with PACEMCO as the surviving corporation.  Subsequently, the SEC also approved the change in name from PACEMCO to NXT.

 

On April 16, 2014, the SEC approved the change in corporate name to its present name. The PSE assigned the stock symbol of JSI to the Company. The Company subsequently moved to change the stock symbol to its current one effective May 13, 2014.  – Kathryn Mae P. Tubadeza/VS, GMA News