RFM embarked on thorough product R & D and market research, as it re-strengthened the market positioning of brands with evidently enormous potentials.
With full, clear-sighted confidence, we expect these to become our market leaders. RFM Corporation believes that building brands for today is the surest way to build the business for tomorrow. |
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| RFM to Proceed with Sale of 384 Million Treasury Shares |
| Tuesday, June 05, 2007 |
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In a disclosure letter filed with the Philippine Stock Exchange today, food and beverage firm RFM Corporation said that its Board of Directors has approved the sale of 383,655,251 treasury shares, by way of a follow-on offering.
The company said that the sale of treasury shares is part of ongoing efforts of the company to build up its resources to take advantage of market opportunities for its products and to fund other expansion moves on some of its brands.
RFM Executive Vice-President and COO Felicisimo Nacino Jr. said that RFM is proceeding on track, with solid growth being achieved in its core brands such as White King Fiesta pasta, Selecta milk and Moo chocolate drinks, Sunkist juice drinks, and Swift processed and canned meat products."
Nacino also cited the growing market acceptance of RFM's newly introduced products, including Selecta fortified filled milk, Moo high-chocolate milk, Sunkist high-juice and tea drinks in PET bottles, Swift meaty corned beef and Swift SAM natural-brown hotdogs.
"These product launches not only generate incremental sales volumes, but also signify the company's shift towards more health-giving and value-for-money alternatives for the consumer," he said.
Nacino said "we must be able to prepare for the growing demands in these new categories, and the more we are able to expand these brands of RFM, the more we are able to build value for the company's shares."
RFM has designated BDO Capital & Investment Corp. to act as issue manager and lead underwriter for the offering.
Earlier RFM reported a 33 percent increase in consolidated net income to P123.3 million for the first half this year from P92.9 million for the same period last year.
The company's shareholders also approved earlier a change in the par value of RFM's common shares from P2 to P1 per share, which is currently under application with the Securities and Exchange Commission. |
