RFM: court rejects bid to block asset sale

A Manila court recently rejected a move to stop RFM Corp. from selling its controlling stake in its soft-drink unit, Cosmos Bottling Corp., to food and beverage conglomerate San Miguel Corp.
Congress…

A Manila court recently rejected a move to stop RFM Corp. from selling its controlling stake in its soft-drink unit, Cosmos Bottling Corp., to food and beverage conglomerate San Miguel Corp. Congressman Augusto Syjuco had asked the court to stop RFM from selling its 82.3% stake in Cosmos to San Miguel, claiming the sale would affect his claim over assets he sold to Cosmos in 1996. Syjuco is seeking the cancellation of the sale of his Jaz Cola business to Cosmos, alleging the purchase price was not completely paid. Cosmos denied this, saying it actually overpaid for Jaz Cola. While the court stopped the sale of Cosmos“ assets linked to Jaz Cola in the first week of September, the court said it could not restrain RFM from selling its shareholding in Cosmos since “the supposedly irreparable injury the plaintiff (Syjuco) may suffer is not clearly defined and proven as yet.”