Food and beverage producer RFM Corp. on Wednesday raised P21.8 million from the sale of 4.363 million treasury shares at P5 apiece.
RFM said in a disclosure to the stock exchange the sale of treasury shares was conducted through a cross-sale transaction which was not covered by any purchase agreement.
“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. The corporation often receives queries from quality investors if there are shares that they can buy in substantial blocks. Management can seek board authority for additional treasury shares to be sold if and when warranted,” it said.
RFM, controlled by the Concepcion family, posted a net income P683 million in the first nine months of 2016, up by 9 percent from a year ago.
Nine-month revenues increased 3.8 percent to P8.73 billion from P8.41 billion a year earlier.