MANILA, Philippines — Listed food and beverage company RFM Corp. brought back 79.4 million shares at 4.38 share with a total value of close to P350 million, RFM President and CEO Jose Ma. A. Concepcion III said Wednesday.
The company’s excess liquidity and robust topline expectations amid the coronovirus pandemic were factors in the buyback.
In July, RFM approved a cash dividend of P366 million or P0.1060 per share payable on September 10, with record date as of August 13.
“RFM’s consumer and institutional businesses have been fortunate to perform well despite the pandemic. We wish to provide better usage of our excess cash by increasing buybacks," Concepcion said.
"RFM’s cash dividend yield is in excess of 4% and we hope to sustain this. We have been controlling expenses and capex to also ensure we remain lean and efficient,” he added.