RFM Corp. raises P1.62B from revived equity offering

Concepcion-led RFM Corp. raised P1.62 billion from a revived equity offering to fund its expansion plans, the company said Friday.
 
In a disclosure to the Philippine Stock Exchange, RFM said the private placement consists of 340 million shares priced at P4.77 per share. "The offer shares are intended to be crossed through the PSE on 4 October 2013 upon obtaining approval of the application for block sale from the PSE," the disclosure read.
 
Settlement for the offer shares is expected on October 9.
 
The selling shareholders - Horizons Realty Inc., BJS Development Corporation, Triple Eight Holdings Inc. and RPMC Resources Inc. - will execute the subscription agreement for the subscription tranche within 90 days from October 4.
 
Maybank ATR Kim Eng Securities Inc. was the arranger of the transaction.
 
Last July, RFM Corp. said it was reviving plans to raise money by selling shares in the stock market to fund acquisition and expansion plans.
 
The company cited "renewed interest and confidence of investors in the Philippine equities market and interest from investing funds to invest in the corporation" as the reason to revive the equity fund raising activity.
 
RFM wanted to raise money covering up to 450 million shares from the stock market in January 2011, but plans were deferred as the market was showing signs of volatility at that time.
 
It estimated P1 billion was needed to expand its pasta and ice cream facilities. - Danessa Rivera/VS, GMA News