National book store shelves listing plan

The iconic National Book Store chain of the Ramos family has shelved a long-running plan to go public.

This was disclosed by another Ramos-held firm, Vulcan Industrial & Mining Corp., which was the book store and office supply chain’s intended listing vehicle using a so-called backdoor listing route on the Philippine Stock Exchange (PSE).

National Book Store Inc., which revealed plans to go public as early as 2012, already owns close to 60 percent of Vulcan. The backdoor listing plan—an alternative route to an initial public offering—was delayed as the Ramos family weighed market conditions.

In a letter to Vulcan dated Nov. 14, it said it had decided to shelve the backdoor listing.

“After careful deliberation and many years of study, the board of directors of the National Book Store group has decided to no longer pursue a backdoor listing of its retail assets to enable it to focus on various initiatives integral to the future growth of the business,” according to the letter, which was disclosed to the PSE.

“The National Book Store group will consider its options in the capital markets at a more appropriate time in the future,” it added.

Shares of Vulcan, which mainly relies on dividends from stock market investments, sank almost 17 percent to P0.75 per share after the disclosure.

National Book Store traces its roots to the height of World War 2 in the 1940s, during which it closed then reopened after the war ended. It currently has over 200 stores nationwide and 3,000 employees. —MIGUEL R. CAMUS