“The Board of Directors of the National Book Store group has informed the company that it will no longer pursue a back door listing of its retail assets,” Vulcan said. Vulcan said NBS’ decision would not affect the composition of the board of directors and the public float. NBS, the country’s leading seller of books and school and office supplies, in 2013 announced plans to do backdoor listing via Vulcan, which is also controlled by the Ramos family. NBS in 2014 subscribed to P3.4 billion worth of shares in Vulcan in preparation for the backdoor listing. Vulcan earlier obtained shareholders’ approval to increase the company’s authorized capital stock to P4 billion from P600 million to accommodate NBS’ subscription, change its corporate name to National Book Store Retail Corp. and revise its primary purpose from mining to retail company.

Source: The Standard November 15, 2017 13:30 UTC