NATIONAL Book Store (NBS) withdrew its planned backdoor listing through Vulcan Industrial and Mining Corp. to pursue other growth initiatives.
In a disclosure to the Philippine Stock Exchange (PSE), Vulcan, a listed mining firm, said it received a letter on Tuesday stating the bookstore’s withdrawal of its backdoor listing plan.
“After careful deliberation and many years of study, the Board of Directors of the [NBS] 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 of growth of the business,” the letter from NBS read.
However, it added that it would still consider options in the capital markets “at a more appropriate time in the future.”
“As previously disclosed, Vulcan will revisit its strategy and continue to explore various ways to deliver value to our shareholders,” Vulcan said.
NBS’ backdoor plan surfaced after it subscribed to 850 million shares in Vulcan, a listed dormant miner, at a price of P1.00 each in 2014.
In October this year, PSE President Ramon Monzon said the Exchange was courting large firms including NBS to publicly list on the local bourse.