Axelum embarks on P500 million share buyback program

MANILA, Philippines — Axelum Resources Corp., a listed integrated manufacturer and exporter of premium coconut products, is embarking on a P500-million share buyback program aimed at enhancing shareholder value.

Axelum, which is 34.76-percent owned by a subsidiary of Manuel V. Pangilinan-led Metro Pacific Investments Corp. (MPIC), said it would buy back up to P500 million worth of common shares over a period of six months or from Sept. 25, 2024 up to March 24, 2025.

Subject to the discretion of the company’s board of directors and upon management’s recommendation, the period may be extended by another six months to end on Sept. 24, 2025.

Axelum said the board may increase the amount from time to time as the circumstances may warrant, as well as subject to the availability of unrestricted retained earnings.

However, it said the actual number of shares to be included in the program could not be determined yet as this will depend on the total buyback price of the shares.

The buyback program will be executed in open market through the trading facilities of the Philippine Stock Exchange.

According to Axelum, the program will be implemented in a manner that should not adversely affect the prospective and existing projects of the company and its subsidiaries.

Axelum’s authorized capital stock before the buyback program stands at five billion composed of 4.8 billion common shares and 200 million redeemable preferred shares.

It has 3.8 billion common shares and 200 million redeemable preferred shares as well as treasury shares of 201.6 million common shares.

Last December, MPIC sealed a P5.3-billion deal to acquire a stake in Axelum.

MPIC, through wholly owned subsidiary Metro Pacific Agro Ventures Inc., secured a 34.76-percent stake in the company.