Vulcan Industrial and Mining Corp. said the National Book Store (NBS) Group had acquired equity in the mineral exploration firm, which was, however, planning to exit from the mining business.
In a disclosure to the Philippine Stock Exchange, Vulcan said it had increased 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.
“The increase will also allow the NBS Group to subscribe to the capital increase for up to P2.9 billion,” Vulcan said.
The company said its board of directors had discussed the possibility of its exiting the mining sector although no definite plans had been made. A committee has been created to look into various exit strategies.
Vulcan holds mineral exploration rights in various parts of the country and operates a rock aggregates project in Rizal province.