MANILA — Metro Pacific investments Corp said on Tuesday its unit Metro Pacific Agro Ventures Inc would acquire 34.76 percent ownership in Axelum Resources Corporation (ARC) for P5.32 billion.
ARC is a manufacturer and exporter of coconut products such as desiccated coconut, coconut milk or cream and coconut cooking oil. among others, MPIC told the stock exchange.
The acquisition reinforces MPIC's commitment to become a major player in the agriculture field, the company said. It acquired Carmen's Best and announced its plan to build a P2 billion dairy farm in 2022.
“The north star of our agriculture business is helping our country achieve food security,” said MPIC Chairman, President, and CEO Manuel V. Pangilinan.
“This investment into ARC will mean more income opportunities for coconut farmers, as well as a broader landscape for Philippine agriculture,” he added.
The partnership will help transform and further develop the Philippine coconut industry, ARC Chairman and CEO Romeo I. Chan said.
“This puts us in a strong position to help uplift the marginalized coconut farming communities in our country and contribute to the continuous development of the agricultural sector,” Chan said.
ARC products are sold in both domestic and international markets and are widely distributed in the US, Canada, Australia, New Zealand, Eastern Europe, Middle East, Japan, and some countries in Asia, the company said.
MPIC said it is continuously looking for other opportunities in the agricultural sector.