FOOD and beverage company RFM Corp. (RFM) disclosed that its board of directors approved on Sept. 1, 2022 a P1.2-billion capital expenditure (capex) plan that will expand the production capacities of the company's milk, consumer and institutional businesses for future growth.
"This [P]1.2 billion capex approval is one of our biggest since our purchase of the Royal pasta brand in 2014. On top of the cash dividends we just declared, we plan to use our excess cash to fund this over the next 15 months. This capex is expected to support the double-digit growth of our Selecta Milk offerings as well as support the growing consumer and institutional businesses," RFM Chief Executive Officer Jose Ma. Concepcion 3rd said.
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