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MANILA - RFM Corp. secured the approval of the Securities and Exchange Commission for the issuance of property dividends consisting of common shares of Philtown Properties Inc.
In a disclosure to the Philippine Stock Exchange, the food and beverage company said the SEC approved the property dividend declaration consisting of 41.04 million Philtown common shares at P3.4937 apiece.
"It will be noted that the number of shares declared was reduced from 41,431,346 shares to 41,042,080 shares after deducting the fractional shares which will remain with the Corporation," said RFM.
Stockholders will receive one share of Philtown for every 77 shares held as of July 11. The shares will be issued on September 7.
"Please note that the Issue Date had to be held in abeyance pending our receipt of the SEC Certificate of Filing of Notice of Property Dividend Declaration, a copy of which was received only on 13 August 2012," the company said,
RFM owns 19 percent of Philtown after 66 percent of the outstanding shares were declared as property dividends in 2008 and 15 percent in 2009.
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