RFM Corp., the food-and-beverage firm of the Concepcion family, said it sold an additional treasury shares at a higher rate than its last traded price.
The company said it sold 15.11-million treasury shares at P4.30 apiece, slightly higher than its last traded price of P4.28.
It said the shares were sold “through a cross-sale transaction, not covered by any purchase agreement.” The shares were in addition to the 306,600 treasury shares approved to be sold by its board in May. Including the May sale, RFM already sold a combined 15.41-million shares, raising P66.26 million.
In March the company raised P100 million from the sale of its 25-million treasury shares at P4 apiece. RFM said its net income for the first three quarters of the year grew 9 percent to P683 million, from last year’s P628 million. Total revenues reached P8.73 billion, 4 percent higher from P8.41 billion last year.
RFM President and CEO Jose Concepcion III said sales of branded consumer goods under Selecta ice cream, pasta and milk brands posted strong growth during the first nine months of 2016. “Despite the onset of La Niña, ice-cream sales sustained its double-digit rise behind the push for availability, affordability and visibility,” the company said.
RFM also owns Royal pasta brand, which launched its own campaign that improved its topline.
Soft prices in the flour business weighed down on total company revenue growth for the nine-month period, the company said.