NBS listing shares via Vulcan

National Book Store Inc. (NBS) has started the process for its backdoor listing at the Philippine Stock Exchange via Vulcan Industrial & Mining Corporation with a cash infusion of up to P3.04 billion.

In a disclosure to the PSE, Vulcan said its board of directors has approved the increase in its authorized capital stock to P4 billion from P600 million.

NBS will then subscribe to P3.4 billion new shares from the increased capital at P1.00 per share consisting of P363.94 million via the conversion of its advances into equity and a cash subscription of P3.04 billion.

The liabilities were assigned by Alakor Corporation, another Ramos controlled firm, to NBS.
The Vulcan board has also approved the change in the compan's primary purpose from mining to retail and relegation of mining and oil exploration as secondary purpose.

It will also amend its secondary purposes "to include, among other things: wholesale, publishing, printing, manufacturing, distribution, contracting, and all other activities necessary for or incidental thereto."

Vulcan will also transfer its mining and oil-related assets and then change its corporate name to National Book Store Retail Corporation.

Another Ramos-controlled firm Anglo Philippine Holdings Corporation earlier said it had entered into an agreement with NBS to sell Anglo's stake in Vulcan to NBS.

The agreement covered the sale of 12.25 million share at the agreed price of P1.00 per share for a total of P12.5 million.

Vulcan holds mineral exploration rights in various parts of the country and operates a rock aggregates project located in Rizal.

The firm said its board discussed the possibility of its exiting the mining sector although no definite plans have been made. A committee has been created to look into alternative exit strategies.

Alfredo C. Ramos, NBS president, is the incumbent chairman and president of Vulcan Mining. Christopher M. Gotanco, president and CEO of Anglo Philippine Holdings Corporation, has been elected vice chairman and COO of the company in concurrent capacity.

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • SE Asia Stocks-Mixed; Indonesia ends 7-day losing streak

    JAKARTA, May 4 (Reuters) - Southeast Asian shares mostly traded mixed on Monday, with Indonesia and the Philippines rebounding after a recent bout of weakness. Indonesian stock index rose 1.3 percent after ... …

  • Philippines says Islamist militant was killed by followers

    The Philippines' most wanted Islamist militant, whose death at the weekend could boost peace efforts in the country's south, was killed by his own bodyguards in pursuit of a bounty offered by the United States, the head of the military said on Monday. Abdul Basit Usman, a militant with strong al Qaeda links who was blamed for numerous bomb attacks in the southern Philippines, had been hunted by security forces since 2002. "There was in-fighting among his group," General Gregorio Pio Catapang …

  • EM ASIA FX-Firm dollar, weak China factory survey hurt Asia FX

    * Won falls on weak exports, PMI; mkt wary of intervention * Rupiah down on bonds, NDFs; Indonesia's Q1 GDP eyed * Philippine peso lowest in more than a month (Adds text, updates prices) By Jongwoo Cheon ... …

  • Philippine military chief confirms wanted militant killed

    MANILA, Philippines (AP) — The Philippine military chief confirmed Monday that wanted Filipino bomb-maker Abdul Basit Usman, who has links to the Indonesian-based Jemaah Islamiyah terrorist network and is a suspect in deadly bomb attacks in the south, has been killed. …

  • PSC sports venues deteriorating – COA
    PSC sports venues deteriorating – COA

    The Commission on Audit (COA) has noted the sorry state of the country’s sports venues despite supposedly receiving sufficient funds from the government. It reported that the Philippine Sports Commission (PSC) got an additional budget of P626.563 million in 2013 alone but failed to maintain and upgrade the Rizal Memorial Sports Complex (RMSC) in Malate, Manila and the Philsports Complex in Pasig City. This, according to the COA report, is already a disadvantage to the country’s athletes. …

  • Taguig bettor wins P39.2-M lotto jackpot
    Taguig bettor wins P39.2-M lotto jackpot

    A player from Taguig City won the jackpot of the 6/42 Regular Lotto’s May 2 draw, the Philippine Charity Sweepstakes Office (PCSO) announced yesterday. PCSO general manager Jose Ferdinand Rojas said the still unidentified winner guessed the six-digit winning combination, 12-42-16-04-11-08, which has a jackpot of P39.2 million. At least 80 other players won P11,420 each after they guessed five digits of the winning combination. The 6/42 Regular Lotto online game is drawn every Tuesday, …

  • Tropical depression spotted off Mindanao
    Tropical depression spotted off Mindanao

    A tropical depression hovering over the Pacific Ocean is expected to enter the Philippine area of responsibility on Thursday and may bring much-needed rain to the country later this week, the state weather bureau said yesterday. As of 10 a.m. yesterday, the weather disturbance was spotted at 1,615 kilometers east of Mindanao with maximum winds of 45 kilometers per hour near the center, the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) said. PAGASA said …

  • Phl to seek Mary Jane’s return
    Phl to seek Mary Jane’s return

    The Philippine government is exploring options to extend the temporary reprieve granted by Indonesia to Filipina death row convict Mary Jane Veloso, Justice Secretary Leila de Lima said yesterday. De Lima said they would look into the possibility of asking the Indonesian government to allow Veloso to return home to testify in the human trafficking, illegal recruitment and swindling cases filed by the Department of Justice (DOJ) against her alleged illegal recruiters Ma. …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options