By Zinnia B. Dela Peña
Monday, November 3, 2008 [ philstar.com ]
RFM Corp., a food and beverage firm owned by the Concepcion-Araneta family, said it is pursuing plans to list its real estate unit Philippine Townships Inc. by way of introduction.
“Philtown has a plan of having its shares listed by way of introduction with the Philippine Stock Exchange in the future. However, the exact date of implementation will still be the subject of discussion and approval by the board of directors and the stockholders of Philtown,” RFM said in a disclosure to the stock exchange.
This listing scheme allows a company to be listed on the local bourse without undertaking an initial public offering of shares.
RFM issued to its shareholders 143.65 million Philtown shares valued at P501.87 million. Shareholders were entitled to receive one Philtown share for every 22 RFM shares held as of July 9, 2008.
After the property dividend, RFM’s shareholdings in Philtown will go down to 34.21 percent from 100 percent.
The move is in line with RFM’s five-year strategic plan aimed at doubling its revenues to P14 billion by 2012 even as it aims to eventually divest from the real estate development business.
Under the plan, RFM is eyeing a net income of P710 million by 2012 from the projected net profit of P288 million this year. Last year, the company posted net earnings of P234 million on sales of P7 billion.
By 2012, RFM is also targeting to achieve a return on equity of at least 12 percent and a share price valuation of 14 times price earnings.
