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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| SEC Approves RFM Stock Split |
| Thursday, September 13, 2007 |
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Food and beverage firm RFM Corporation disclosed yesterday the approval of the Securities and Exchange Commission (SEC) to change the par value of its common share from P2 to P1 per share.
The firm said the change in the par value is intended "to simplify value computation, standardize the same with the par value of shares of many other publicly listed companies, and create more liquidity in the market."
The change in par value, earlier approved by RFM's shareholders in their June 28 annual meeting, will effectively double the number of its common shares, including those issued and outstanding from the present 1,580,201,933 to 3,160,403,866 shares.
RFM President and CEO Joey A. Concepcion said the change in par value is "part of a package of amendments approved by the Board to get RFM ready for its next 50 years of corporate life, create more value and liquidity for its listed shares, and aspire to leading practices in good corporate governance."
Concepcion, who also serves as President Arroyo's consultant on entrepreneurship, expressed confidence and optimism in the future of RFM as the company prepares to celebrate its 50th anniversary next year.
He said "the company 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."
He also noted the growing market acceptance of RFM's newly introduced products, including Selecta fortified milk, Moo high-chocolate milk, Sunkist high-juiced and tea drinks in PET bottles, Swift meaty corned beef and Swift SAM natural-brown hotdogs.
Earlier RFM reported that its Board of Directors had approved the sale of 383,655,251 treasury shares, by way of a follow-on offering. With the SEC approval of the stock split, the number of common shares on offer will now be 767,310,502 shares. The sale 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 for some of its brands.
RFM also recently reported a 33 percent increase in consolidated net income for the first half of 2007, to P123.3 million from P92.9 million for the same period last year. |
