MANILA, Philippines - The company behind the popular coconut vodka and the licensed maker of Playboy Spirits is set to debut in the local bourse via the backdoor route.
In a disclosure, dormant firm Nextstage Inc. said it will merge with VuQo Inc., the company behind the world’s first premium vodka distilled from coconut nectar.
“The merger of Nextstage and VuQo would provide a platform to raise capital to achieve the objectives of the business to create a high potential export product from the Philippines for the world market,†Nextstage said.
The company said VuQo is supported by a globally-renowned brand that has presence in major markets in North America, Europe and Asia.
In April, VuQo signed a licensing agreement with Playboy Enterprises to develop a premium Playboy Vodka that will be distributed in countries like Australia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam.
“The target timeline for the implementation of the merger is the first quarter of 2014,†Nextstage said.
VuQo will become a public company through a backdoor listing, which occurs when a listed firm is acquired by or merges with a private company, resulting in a change in business and primary purpose of the listed entity. It is considered a cheaper and faster way to achieve listing status.
Nextstage, which is changing its name to Jackstones Inc., said the merger will revitalize the company’s operations.
“At this stage, the main asset of VuQo is its licensing agreement with the well-known brand owning entity and its mandate to produce, market and distribute the entity’s spirits line of vodka, tequila and gin,†Nextstage said.
The primary purpose of VuQo is to operate and maintain the business of distillation, manufacturing, bottling, importing, exporting, buying, selling or otherwise dealing in, at wholesale, such goods as coconut spirits, wines, spirit beverage, liquor and other alcoholic drinks.
Nextstage, which will double its authorized capital stock to P1 billion, will issue new shares to VuQo stockholders.
“Nextstage will be the surviving entity, which will have the licensing agreement with the internationally prominent brand,†the company said.
Nextstage was originally incorporated in 1964 as Pacific Cement Co. Inc. to engage in the manufacture and trading of cement and related products. It changed its name to Pacemco Holdings Inc. and its corporate purpose to that of being a holding firm in 2000, also the year when Pacemco merged with Nextstage.