Bilyonaryo - Business

Axelum expects to close P5.3B deal with Metro Pacific by Q2

February 9, 2023

Bilyonaryo.com

Coconut exporter Axelum Resources Corp. (ARC) hopes to seal its deal with Metro Pacific Investments Corp. (MPIC) by the second quarter of the year.

The transaction involves the acquisition by MPIC of 34.76 percent ownership in Axelum for P5.32 billion.

Based on the proposed timetable submitted to securities regulators, the execution of deeds of sale and the crossing of the sale share through the facilities of the PSE are targeted to be completed in the April to June period.

MPIC’s fresh capital infusion will be used for the improvement of Axelum’s facilities and planned acquisition of equipment for expansion projects to be undertaken in the next two to three years.

These include a new coconut water line filling machine that is estimated to increase production capacity by up to four million liters.

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