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| Vulcan (Photo credit: jk_scotland) |
National Bookstore Inc., which is owned by the family of businessman Alfredo Ramos, is acquiring P12.86 million worth of shares of listed mining firm Vulcan Industrial & Mining Corp.
In separate disclosures to the Philippine Stock Exchange, Anglo Philippine Holdings Corp. and Philodrill said they were selling to NBS 12.25 million shares and 610,000 shares, respectively, in Vulcan at P1 each share.
The sale will be crossed on the Philippine Stock Exchange on Nov. 5.
Vulcan is increasing its authorized capital to P4 billion from only P500 million to facilitate the entry of the NBS, while Vulcan prepares to exit the mining business.
The country’s leading bookstore chain, which is considering a backdoor listing on the exchange via Vulcan, will subscribe to up to P2.9 billion worth of shares in the mining firm.
The capital increase will also accommodate the conversion into equity of advances of about P500 million from NBS and its affiliates.
Newly-elected Vulcan treasurer Adrian Ramos said the company is considering all options but stressed that nothing has been finalized yet.
Vulcan’s board approved the possibility of exiting the mining sector and formed formed a committee to look into alternative exit strategies.
Alfredo, the president of NBS is the incumbent chairman and president of Vulcan.
http://www.philstar.com/Article.aspx?articleId=865166&publicationSubCategoryId=66
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