LISTED food and beverage firm RFM Corp. on Tuesday said it will pay out P300 million in cash dividends to its shareholders on record as of February 14, as the first tranche of its dividend payments this year.
In a disclosure to the Philippine Stock Exchange on Tuesday, RFM said its board of directors has approved the declaration of the P300-million cash dividend, which translates to P0.08576 per share. The payment date is on March 10.
RFM President and Chief Executive Officer Jose Ma. A. Concepcion III said the P300-million cash dividend is part of the company’s 50-percent cash dividend policy based on recurring net income and payable in two tranches within the year.
“Shareholders can therefore expect another dividend declaration in the latter part of 2017,” he said, noting that RFM’s growing income and stable cash flows have allowed it to build up its cash holdings over the past years and to further strengthen its balance sheet.
Aside from increasing its cash dividend policy to 50 percent of its recurring net income from 30 percent previously, RFM’s board also recently approved an additional P300 million budget for its ongoing share buyback initiative.
RFM is a publicly listed firm engaged in the processing and manufacturing of flour and flour-based products like pasta, sauces and cake mixes, milk and juice drinks, canned and processed meats, as well as ice cream.
Aside from Selecta ice cream, Fiesta and Royal pasta brands, its popular brands include Sunkist Juices, Selecta Milk, Vitwater and Alo Green Tea for beverages, and White King Hot Cake and Butterfresh Margarine for cake mixes. KRISTYN NIKA LAZO