Sunday 22 September
Aug 19, 2019 @ 18:00

SEC approves coco producer’s P7.7B maiden offering

 

Integrated coconut producer Axelum Resources obtained the Securities and Exchange Commission’s green light to proceed with its planned initial public offering, which is estimated to raise as much as P7.7 billion.

The offering involves up to 700 million primary shares and up to 430 million secondary shares to be sold by CP Compass Singapore Pte. Ltd. at a maximum price of P6.81 each share.

First Metro Investment Corp. and BPI Capital Corp. are the joint lead underwriters for the IPO.

Net proceeds from the primary offering, amounting to P4.41 billion will go to strategic acquisitions (42%), expansion of domestic and international distribution network (12%), installation, improvement and expansion of manufacturing facilities (11%), retirement of loans and reduction of payables (18%) and other capital expenditure requirements (17%).

Axelum is a fully integrated manufacturer of coconut products for domestic and international food and beverage companies, confectioneries, bakeries, private label supermarkets and grocery store chains, food service industries, coconut coffee creamer manufacturers, cosmetics and diet prepared food market.

The company’s main production facility is located in Medina, Misamis Oriental. It also owns two manufacturing plants in the US and Australia, enabling it to export and distribute its products in major markets around the world such as Canada, New Zealand, Eastern Europe, Europe, Middle East, Japan, and major countries in Asia.

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