Metro Pacific Investments Corp. is acquiring a 34.76-percent interest in coconut manufacturer and exporter Axelum Resources Corp. for P5.32 billion, as the conglomerate continues to ramp up investments in the agriculture sector, parent firm First Pacific Co Ltd. said Tuesday.
MPIC said unit Metro Pacific Agro Ventures Inc. signed a share purchase agreement for the acquisition of 200 million redeemable preferred shares in Axelum for P4.82 billion. It also agreed to acquire P500 million worth of Axelum shares.
“The company believes that transaction will allow MPIC and the group to diversify their investment portfolio, through the purchase, into agricultural sector in the Philippines and represent a growth opportunity for MPIC,” First Pacific said in a disclosure to the Hong Kong Stock Exchange.
Axelum is a fully-integrated manufacturer and exporter of premium coconut and products for leading domestic and international food and beverage companies, confectioneries, bakeries, private label supermarkets and grocery store chains, food service enterprises and nutritionals and personal care brands.