Insider dealings: Joey Concepcion sells P50M worth of RFM shares
RFM Corp. disclosed that its president and CEO Jose Ma. Concepcion recently sold 10.02 million of his shares in the food and beverage firm in the open market, raising over P50 million.
In a filing with the stock exchange, RFM reported that Concepcion sold the shares from Nov. 16 to 22 at a price ranging from P5 to P5.07 apiece.
Following the completion of the sale, Concepcion now directly owns 11.67 million shares and 675.02 million indirect shares in the company.
The stock closed flat at P5 Friday on value turnover of P720.93 million.
RFM grew its net income by 20 percent in the third quarter to P211 million on the back of a seven percent rise in revenue to P3.16 billion. This brings its nine-month earnings to P719 million, up five percent year on year.
Directors’ deals might sometimes be indicative of company prospects – but sometimes aren’t. When a director buys or sells , it is not necessarily a strong statement about the share price.
Concepcion probably had to sell shares to finance something.