Metro Pacific Investments Corp., the country’s leading infrastructure investments company, broadened its venture into agriculture with the acquisition of a 34.76 percent stake of listed Axelum Resources Corp., a supplier of coconut water and other products, for P5.32 billion.
Metro Pacific bought the Axelum stake through its wholly-owned subsidiary Metro Pacific Agro Ventures Inc.
The acquisition fortifies Metro Pacific’s goal of becoming a serious player in the agricultural field, following its investment in the dairy sector last year.
“The north star of our agriculture business is helping our country achieve food security,” Metro Pacific chairman, president, and chief executive officer Manuel V. Pangilinan said in a statement. “This investment into ARC (Axelum) will mean more income opportunities for coconut farmers, as well as a broader landscape for Philippine agriculture.”
Axelum’s coconut-based products are sold in both the domestic and international markets, supplying to food and beverage companies, confectioneries, bakeries, supermarkets and grocery store chains, and other establishments around the world. These are widely distributed in the United States, Canada, Australia, New Zealand, Eastern Europe, Middle East, Japan, and some countries in Asia.
Axelum chairman and CEO Romeo I. Chan said that with the help of Metro Pacific, the company will be in a stronger position to quickly realize “our life-long vision of further developing and transforming the Philippine coconut industry.”
