Corporate News

National Bookstore to complete backdoor listing by early next year

Posted on May 30, 2013

NATIONAL BOOK Store, Inc. is expected to complete its backdoor listing via Vulcan Industrial & Mining Corp. by early next year after the latter bagged the approval of its shareholders to change its name and primary purpose.

“We hope to complete it (backdoor listing) by first quarter of 2014,” Vulcan treasurer Adrian S. Ramos told reporters following the company’s stockholders’ meeting yesterday in Mandaluyong City.

“As much as it would be ideal by the end of this year, there are a lot of work to do,” he added, referring to the transfer of assets that would pave the way for the backdoor listing.

Vulcan’s stockholders yesterday approved the increase in the company’s authorized capital stock to P4 billion from P600 million, and the subscription of National Book Store in the capital increase at P1 per share.

Stockholders also approved the waiver of public rights relative to the increase in capital via additional subscription of National Bookstore, and the change in primary purpose from mining to retail and relegation of mining and oil exploration as secondary purpose.

It was also approved that the company’s secondary purpose will now include, among other things: wholesale, publishing, printing, manufacturing, distribution, among others.

Stockholders also agreed to the transfer of mining and oil related assets; and the change in corporate name from Vulcan Industrial & Mining Corp. to National Book Store Retail Corp.

National Book Store, Inc. owns the National Book Store chain founded by Socorro G. Ramos before the Japanese occupation, initially as a stall shop in Escolta, Manila selling supplies, novels, and textbooks.

In addition to the flagship bookstore, National Book Store, Inc. is also behind specialty stores Powerbooks, NBS Express, and Bestsellers, and is the local franchise holder for Hallmark greeting cards under unit Filstar Distributors Corp.

As early as October last year, Vulcan announced that it was mulling exiting the mining sector with another Ramos-led firm, Anglo Philippine Holdings Corp. (APHC). APHC acquired in December last year Vulcan Materials Corp., Vulcan’s aggregates unit. Vulcan was incorporated in 1953. The company has been participating in oil exploration projects since 1976 and is part of two consortia that have petroleum contracts.

Mr. Ramos earlier said National Book Store is looking to open 10-15 stores this year to be added to the existing “more than 160” branches. National Book Store’s revenues stood at “around P10 billion last year,” from P9.5 billion in 2011.

Shares of Vulcan shed one centavo or 0.50% to close at P2 each yesterday. -- CHCV