A Philippine court has rejected a petition seeking to stop conglomerate RFM Corp. from selling its stake in soft drink unit, Cosmos Bottling Corp to San Miguel Corp., RFM said on 18 September.
It sai…
A Philippine court has rejected a petition seeking to stop conglomerate RFM Corp. from selling its stake in soft drink unit, Cosmos Bottling Corp to San Miguel Corp., RFM said on 18 September. It said the petition by congressman Augusto Syjuco was rejected by the Quezon City regional trial court the previous day. “There is now no legal impediment for RFM to proceed with the sale of its Cosmos shares to San Miguel,” RFM“s lawyer Francis Lim said. RFM has committed to sell its 83.2-% holding in Cosmos to the country“s largest food and beverage firm, San Miguel, for PHP 15 billion. RFM shares closed up 10 centavos at PHP 1.96, Cosmos shares were up 20 centavos at PHP 5.3, San Miguel A-shares finished up 50 centavos at PHP 39 and the B-shares were up 50 centavos at PHP 50.