Vulcan sells treasury shares to raise working capital

MANILA, Philippines - Vulcan Industrial & Mining Corp., controlled by National Book Store owner Alfredo Ramos, is selling treasury shares in the first half of 2013 to augment its working capital requirements.

In a disclosure to the Philippine Stock Exchange, Vulcan said the sale of 7.73 million treasury shares would be coursed through the facilities of the PSE at prevailing market price.

Other proceeds will be used to pay down various outstanding obligations.

Vulcan is undergoing a corporate restructuring expected to be completed within the next six to 12 months. The reorganization involves the infusion of the Ramos family’s chain of National Book Store and Powerbooks outlets, and possibly department stores (Crossings), music stores (Tower Records and Music One), and Gift Gate.

Vulcan treasurer Adrian Ramos earlier said the company is exploring strategic options as it exits the mining business.

Vulcan has been participating in oil exploration projects since 1976 and is part of two consortiums that have petroleum contracts. A wholly-owned subsidiary, Vulcan Materials Corp. is primarily engaged in the quarrying, crushing and marketing of rock aggregates.