MANILA - National Bookstore has abandoned a planned backdoor listing for its retail assets in the stock exchange through Vulcan Industrial and Mining Corp, the listed firm said Wednesday.
In a letter to Vulcan, National Bookstore said it would instead focus on "various initiatives integral to the future growth of the business." Vulcan furnished the stock exchange with a copy of the letter.
"In light of this development, Vulcan will act accordingly and revisit its strategy and explore various ways to deliver value to our shareholders," Vulcan said, as it sought to halt trading in its shares.
National Bookstore subscribed to 850 million Vulcan shares in August 2014 in preparation for a backdoor listing.