RFM board approves sale of Cosmos to San Miguel

Philippine food firm RFM Corp said on July 26 that its board has approved in principle the sale of a stake in Cosmos Bottling Corp to the country's food and beverage conglomerate, San Miguel Corp. RFM told the Philippine Stock Exchange in a disclosure, "The board approved in principle the proposed sale of RFM's 83.2 percent stake in Cosmos Bottling to San Miguel Corporation and the Coca Cola Co and/or their subsidiaries."​ San Miguel and Atlanta-based Coca Cola jointly own Coca Cola Bottlers Philippines, which is understood to be the vehicle that will acquire the stake. The disclosure added that the board had directed the RFM management and its financial advisor ING Barings to proceed with discussions with San Miguel and Coke Atlanta on a memorandum of understanding on the proposed transaction. President and Chief Executive Jose Concepcion was authorised to sign the MOU on behalf of RFM.