RFM selling 3.3 M treasury shares

MANILA, Philippines - Concepcion-led food and beverage company RFM Corp. has approved the sale of 3.27 million treasury shares.

In a disclosure to the stock exchange, RFM said a long-term investor wanted to purchase treasury shares and the corporation deemed it fit to sell the same.

RFM sold the shares for P4.40 per share or a total of P14.41 million.

“The corporation believes that a long-term hold on the subject treasury shares will result in stability,” RFM said.

RFM has been receiving queries from investors if there are shares they can buy in substantial blocks.

If there are more buyers, RFM may seek board approval for the sale of additional shares if needed.

“The corporation intends to sell the authorized number of treasury shares as selling opportunity presents itself and up to the time when the total approved amount for sale is exhausted,” RFM said.

RFM said the sale has no effect on the public float level as the shares sold represented less than one percent of the listed shares.

The company reported a net income of P683 million in the first nine months of the year, up nine percent year-on-year as revenues rose nine percent to P8.73 billion.

RFM president and CEO Jose Concepcion III attributed the company’s strong nine-month performance to strong sales of branded consumers goods under Selecta ice cream, Fiesta Pasta and Selecta Milk.

Given its strong performance, RFM expects to sustain the topline growth for the rest of the year.