RFM Corp. makes P2.2M in easy money from share buyback program
The Concepcion family’s RFM Corp. made at least P2.2 million in easy money from just two weeks of implementing its share buy-back program.
RFM Corp. started out as a flour mill in the 1950s and has since diversified into poultry and livestock, canned and processed meat, ice cream, and is now even into barging services.
RFM Corp. declared a cash dividend of P0.0779 per share on February 24, payable to shareholders on record as of March 10, 2016. On the same day, RFM Corp. announced it was buying back RFM shares in the equities market and has budgeted P300 million for the activity.
From February 24 to March 9, RFM bought over 28.5 million of its shares from the stock market.
With the shares it has purchased so far, RFM Corp. will be paid over P2.2 million on March 23, representing the P0.0779 per share cash dividend.
On the day of the announcement of the share-buyback program, RFM Corp. bought over 6.5 million shares for P3.73 to P3.83 a piece.
Its last disclosure on the buy-back program was posted March 9 and referred to the 1,000 shares it bought on March 8. (By: Eileen A. Mencias)