MANILA - RFM Corporation clarified today that Swift Foods Inc. is no longer part of the RFM group nor owned by the majority shareholders of RFM.
In its disclosure, RFM said the on-going negotiations for the possible sale of or joint venture for the Swift brand, including the Swift processed and canned meat business, are separate and not connected to the listed company, Swift Foods Inc. (SFI).
"We are in talks with another food company on the
possible sale of the Swift brand and business. This transaction, therefore, is not connected with the
other company SFI, which used to be the chicken company of the group but was later spun off and
sold to the public," RFM Corp. said.
RFM says SFI, which used to be their chicken company, has been spun off and sold to the public.
SFI and SFI's prefered shares both hit their ceiling prices in Friday trade. (SFI p 0.215 up 47.26%; SFIP p 1.80 up 40.63%)
They closed trade as the second and third biggest gainers for the session. --ANC, Business Nightly