Philippine conglomerate Metro Pacific Investments Corp has entered into a deal to acquire a third of Axelum Resources Corp to expand its agriculture portfolio. Metro Pacific said its subsidiary would spend 5.32 billion pesos ($97.31 million) for a 34.76% share in Axelum, a manufacturer and exporter of coconut products. "The acquisition buttresses Metro Pacific's promise in becoming a serious player in the agricultural field," the company said.
Metro Pacific Agro Ventures will strengthen Axelum's international business and develop the domestic market while supporting local coconut farmers, CEO Jovy Hernandez said in a statement.
Axelum is one of the major suppliers of Vita Coco Company Inc . It also exports milk, cream, cooking oil and other coconut products to 23 countries. Metro Pacific, which has interests in power, water, hospitals and toll roads, is a unit of Hong Kong-listed First Pacific Co Ltd.
[ P100 = €1.70 ]
Source: reuters.com