National Book store subscribes to additional shares in Vulcan
MANILA -- National Book store Inc., the retail arm of the Ramos family, subscribed to additional shares in Vulcan Industrial and Mining Corp.
Vulcan said in a disclosure to the Philippine Stock Exchange that National Book Store subscribed to 850 million shares of Vulcan at P1 per share, or equivalent to about 21.25 percent of the company’s outstanding capital stock.
The said National Book store subscription was made after Vulcan increased its authorized capital stock to 4 billion shares from 600 million shares, both at par value of P1 per share.
National Book Store earlier deferred the planned backdoor listing to 2015, partly as a result of poor market conditions during the initial part of the year.
Adrian Paulino Ramos also said the family encountered a lot of work in its various businesses that it was not able to push through with the plan. He said National Book Store may pursue the backdoor listing “probably by next year.”
“First, we are doing a lot of work internally and we saw in the first quarter that the market wasn’t so [appropriate for the listing] so we didn’t push it,” Ramos said.
Ramos added that the company plans to put up some 20 National Book Store branches this year, higher than last year’s 15 store openings.
“We will fund our expansion this year mostly through internally generated cash and our usual credit facilities,” he said
National Book Store was supposed to use Vulcan for the said backdoor listing. Vulcan, which has been renamed into National Book Store Retail Corp., will now also venture into wholesale, publishing, printing, manufacturing and distribution
Vulcan also sold its mining and oil exploration assets to Anglo Philippine Holdings Corp., another firm controlled by the Ramos family.
National Book Store was started by the company’s founder, Socorro Ramos, in a stall shop in Escolta, Manila during the 1930s, selling school supplies, novels and textbooks.
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