Bilyonaryo - Business

Axelum founders to retain control even as Metro Pacific emerges as single-biggest shareholder of coconut firm

February 8, 2023

Bilyonaryo.com

The founders of Axelum Resources (AXLM) will retain control of th coconut manufacturer and exporter after the P5.32 billion buy-in of Metro Pacific Investments (MPI).

ALSO READ: MVP hungry for agri: Metro Pacific forks out P5.3 billion to take 35% of Vita Coco maker Axelum

“The founders of AXLM, composed of (chairman) Romeo I. Chan, (president and COO) Henry J. Raperoga, (SVP) Paul Rene Z. Tayag, Armando R. Nañawa, Vicente T. Mills, Jr. and Preciosa D. Castillo, through their companies, are still the controlling shareholders acting in cooperation with each other,” AXLM said in a statement.

MPI bought the bulk of its shares from CP Compass Singapore PTE LTD (down from 21 percent to 9.5 percent); Greenridge East Holdings of Mills, Chan, and Raperoga (down from 9.4 percent to 2.6 percent); Theol Holdings of Raperoga (down from 7.3 percent to 4.4 percent); Tufnell Park Holdings of Nañawa (down from 6.1 percent to 3.7 percent); and Domus Este Holdings of Tayag (down from 6.1 percent to 3.7 percent).

AXLM said MPI, through its wholly-owned Metro Pacific Agro Ventures, would nominate one director in the firm’s seven-member board for its 34.76 percent equity stake in the company.

MPAV has the option to assign a senior finance representative whose functions shall be determined by the AXLM in consultation with MPAV.

Trading of AXLM is expected to resume on February 8 after a two day suspension.

Related News Tags: Axelum Resources (AXLM), coconut, Metro Pacific Investments (MPI), Romeo I. Chan

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