RFM vice president and corporate information officer Ramon Lopez said the Concepcion-controlled conglomerate is working towards the P15-billion goal for the sale of 100 percent of CBC, its softdrink subsidiary.
"The resulting price per share will be the same for all Cosmos shareholders," Lopez said. Last Thursday, the RFM board approved in principle the sale of its entire 83.2-percent stake in CBC to the San Miguel group —— represented by Coca-Cola Bottlers Philippines Inc. (CCBPI) and the US-based The Coca-Cola Company (TCCC).
CCBPI is 65 percent controlled by San Miguel, while the remaining 35 percent is held by TCCC.
Although there were no details yet on the final price and structure, the remaining 16.8 percent minority CBC stockholders are assured of getting a similar price for their shares once SMC makes a tender offer as mandated by law.
As in the past two weeks, SMC, RFM and CBC were among the most active issues at the stock market yesterday. SMC "A" and "B" shares both closed lower at P42 and P56.50, respectively; RFM also ended lower at P2.26; while CBC defied the downtrend as it climbed 20 centavos more to P5.60.
Lopez said the purchase agreement would cover the sale of all existing CBC brands, including the popular Pop Cola and Sarsi brands, Cheers and Jolt, but excluding CBC’s bottled water business under SouthStar Bottled Water Co. Inc.
The sale of CBC, which last year contributed P7 billion to RFM’s total revenues, will also include the absorption of some 2,000 CBC employees in its bottling plants nationwide.
"We wish to reiterate than these terms are not yet finalized and are subject to final agreement between parties. Moreover, even as we get to finalize the Memorandum of Understanding (MOU), we wish to emphasize that the terms are generally non-binding in nature until after the usual due diligence process is completed and a share purchase agreement is signed," Lopez added. – Conrado Diaz Jr.