RFM sells treasury shares
Concepcion-led RFM Corp. raised about P86.8 million from the sale of treasury shares.
In a regulatory filing, RFM said it sold on Oct. 10 a total of 19.07 million treasury shares at P4.55 each through cross sale transactions.
The shares represent less than one percent of the listed shares.
“The reason/purpose of the sale is for stability. The corporation believes that a long-term hold on the subject treasury shares will result in stability,” RFM said.
“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,” the company added.