Group of Lucio Tan’s brother buys 70% of Jackstones Inc.

By: Doris C. Dumlao - 10 years ago

MANILA, Philippines — A new investor group that includes an estranged brother of tycoon Lucio Tan is taking over a controlling stake in publicly listed shell company Jackstones Inc., allowing the infusion and backdoor-listing of new businesses.

In a disclosure to the Philippine Stock Exchange on Monday, Jackstones said a new investor had agreed to buy a 70 percent stake in the company equivalent to 117.29 million common shares at P2.2679 per share.

The buyers were identified as Ketton Holdings Inc., Mariano Tanenglian, Aleta So Tanenglian, Maximilian So Tanenglian, Jonathan Ongcarranceja, Adaline Ongcarranceja, Beryl Fayette Tanenglian Say and Vandermir Carnegie Say. Mariano Tanenglian used to be part of the Lucio Tan group prior to a falling out with his brother, Lucio Tan.

Trading on Jackstones was suspended by the PSE until 1:40 pm on Monday following the disclosure of this material information.

The transaction was priced at a 53 percent discount to Jackstones’ closing price of P4.82 per share on Friday. The identity of the buyer was not disclosed.

A tender offer is expected to be implemented in line with the PSE requirement to give minority shareholders an option to exit during the takeover of a new shareholder group.

The selling shareholders are Star Alliance Securities Corporation Group, JJ Samuel Soriano, Saturnino Belen, Maria Herminia Soriano, Geoffrey Brian Lim, Ma. Joanna Lim Wee, Maria Michelle Michiko Soriano, Jose Miguel Lorenzo Soriano, Jose Ignatius Mikael Soriano, Maria Mischa Therese Soriano and Brian Vincent Belen.

Jackstones formerly NextStage Inc. originally incorporated in 1964 as a cement company called Pacific Cement. It changed its corporate name to PACEMCO Holdings in 2000 and was converted into a holding company, eventually merging with subsidiary, Nextstage. Early this year, the Securities and Exchange Commission approved a change in corporate name to the present.

Last April, Jackstones sold its corporate assets consisting of investment in shares of stock of the following companies: Mondex Philippines Inc.; Technology Support Services Inc.; Infinit-E Asia Inc. and Mondex Protector Philippines Inc., leaving the current one as a publicly listed shell company that is ripe for backdoor-listing.