RFM to change par value of common shares to P1/sh

Food and beverage firm RFM Corp. on Wednesday said it will change the par value of its common shares from P2 to P1 each, a move that will effectively double the number of its shares. After the move, which is still up for stockholders approval on June 28, RFM will have a total of 3,160,403,866 shares. In a statement sent to the Philippine Stock Exchange, RFM said the change in par value will “to simplify value computation, standardize the same with the par value of shares of many other publicly listed companies, and create more liquidity in the market." The statement quoted RFM president and CEO Joey A. Concepcion as saying that the change in par value is “part of a package of amendments approved by the Board to get RFM ready for its next 50 years of corporate life, create more value and liquidity for its listed shares, and aspire to leading practices in good corporate governance." RFM is celebrating its 50th anniversary next year. Earlier RFM reported a 200 percent increase in consolidated net income to P63 million for the first quarter this year from P21 million for the same period last year. - GMANews.TV