Quantcast
Latest Stories

Vulcan to raise funds to boost capital in ’13

Ramos firm to sell 7.728M treasury shares

By

Vulcan Industrial and Mining Corp., which is being groomed as a prospective backdoor listing vehicle for retailer National Bookstore, plans to raise fresh funds from the sale of treasury shares early this year.

In a recent regulatory filing, Vulcan said the sale of about 7.728 million treasury shares was intended to augment its working capital and to pay for various obligations.

The treasury shares represent about 1.3 percent of the company’s 600 million issued shares.

“The corporation expects to dispose all its treasury shares in the first semester of 2013,” Vulcan said.

Vulcan shares closed at P1.40 on Friday, giving it a market capitalization of P841 million.

The company also obtained board approval of the term sheet covering the acquisition by Anglo Philippine Holdings Corp., a related party, of all rights, obligations and interests in wholly owned subsidiary Vulcan Materials Corp.

This suggests that the Ramos family is consolidating mining interests in Anglo-Phil.

On the other hand, the Ramos family has signaled that it was taking a serious look at bringing its retailing interests public, encouraged by the robust demand for shares in consumer-oriented companies like Puregold Price Club.

The privately held National Bookstore (NBS), an iconic brand in the Philippines, has over 140 stores nationwide.

Also, the NBS Group operates two department stores under the Crossings brand, one in Edsa Shangri-La Mall and another at the National Bookstore hub on Quezon Avenue.

The company also owns the Anvil publishing house on top of its investment portfolio.

The NBS Group recently acquired an interest in Vulcan, which plans to exit from the mining business.

Vulcan is increasing its authorized capital stock to P4 billion from P600 million to accommodate the conversion of the NBS Group’s advances of about P500 million into equity.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , fund raising , mining , National Bookstore , shares , treasury shares , Vulcan Industrial and Mining Corp.

  • http://profile.yahoo.com/SYG36KOOLRY47VA3ICPJJ5CQTQ ADD

    Nandito pala si Ramos, wala sa kabila.

  • http://profile.yahoo.com/RXZ5XENTQSFR6HPWMLEUG3TGGY Kerby

    hehehe..



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • ‘I’ll make it,’ says young ferry passenger to family
  • Bad weather halts rescue after deadliest Everest disaster
  • Gigi Reyes has no other option but to turn state witness — Santiago
  • US weighing military exercises in Eastern Europe
  • Rains loom in Surigao as LPA nears
  • Sports

  • Nick Calathes suspension a reminder of supplement risk
  • Teague scores 28 as Hawks soar past Pacers in Game 1
  • Warriors beat Clippers in playoff opener
  • Pacquiao top Mayweather contender
  • Rain or Shine, Ginebra clash for No. 6 spot
  • Lifestyle

  • Noli Yamsuan, Cardinal Sin’s ‘official’ photographer: ‘I could smell the aftershave lotion of the Pope’
  • Simplifying and lightening life
  • Where to go for Easter night-out
  • Joe de Venecia visits the Queen Mother of Cambodia
  • Fashionistas flock to designer’s wedding
  • Entertainment

  • Show-biz celebrities’ other choices of summer getaway
  • Why ‘Noah’ can’t dock his ark at Philippine theaters
  • Acclaimed artist goes wild while on holiday
  • Believing in this mermaid
  • Missing Xian
  • Business

  • Top-selling insurance agent opens her dream café
  • Connecting and transacting with one another
  • Building wealth for health
  • Why Mandaue Foam buys, rather than rents, space
  • A workplace of new possibilities
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Epiphany
  • Unpaid creditor vs distressed debtor
  • Moving on
  • From culinary desert to paradise
  • Response to China: ‘Usjaphil’
  • Global Nation

  • Asia seeks Obama’s assurance in territorial spats
  • Cesar Chavez movie sparks memories of Fil-Am labor leaders
  • Filipinos in US poised for success
  • Visas for priests and other faith leaders
  • DOH to continue tracking co-passengers of OFW infected with MERS virus
  • Marketplace