Ramos family drops backdoor listing plans for National Bookstore
The Ramos family has shelved a plan to list National Book Store Inc. on the stock exchange through the backdoor.
“After careful deliberation and many years of study, the board of directors of 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,” said Vulcan Industrial & Mining, which is controlled by the NBS Group.
“The [NBS] Group will consider its options in the capital markets at a more appropriate time in the future,” Vulcan added.
The Ramos family originally targeted to complete the backdoor listing of National Book Store in 2014 but unfavorable market conditions delayed it from doing so.
The country’s largest bookstore chain plans to double its store network to 500 while ramping up presence online to boost sales.
Founded by Soccoro Ramos, NBS hopes to end the year with a total of 240 branches. This is expected to increase further to 330 by 2020.
NBS also owns Powerbooks, NBS Express, and Bestsellers.