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The manufacturer and exporter of coconut goods said on Monday that the Philippine conglomerate Metro Pacific Investments Corp will purchase one-third of Axelum Resources Corp for 5.32 billion pesos ($97.7 million).

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According to two persons with knowledge of the negotiations, Metro Pacific was in talks to buy a sizeable share in Axelum, according to a report published by Reuters earlier on Monday. Metro Pacific is extending its agriculture portfolio at a time when commodity prices are high.

According to Romeo Chan, chairman of Axelum, “with this relationship, we would be able to continually realize and fast-track our lifelong mission to further expand and change the Philippine coconut sector.”

Chan stated that Metro Pacific will purchase approximately 35% of Axelum, which has a market capitalization of $248 million, through its subsidiary Metro Pacific Agro Ventures.

A news conference for Metro Pacific is scheduled for Tuesday.

Anthoni Salim, an Indonesian business magnate, owns First Pacific Co Ltd, a division of which is Metro Pacific, which has interests in toll highways, hospitals, power, and water. It has a $2.15 billion market value.

Midway through 2022, the business launched its drive into agriculture by acquiring the majority of a dairy and luxury ice cream manufacturer.

Axelum produces goods from coconuts supplied from the southern Philippines, such as milk powder, cream, and oil. It sells its goods to clients like Vita Coco Company Inc., The Hershey Company, and Kellogg Co. in 23 different countries.

One of the world’s top exporters of the product, the Philippines, is known for its production of coconut oil.

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