Listed Axelum Resources, a coconut product manufacturer, has disclosed that the deal for the possible P5.3 billion transaction between Metro Pacific Investments Corp and the company for a 35 percent share, has been extended.
Metro Pacific has yet to complete its acquisition of roughly a third of Axelum Resources Corp. (ARC) after the two parties mutually agreed to extend the due diligence process. I Photo: Axelum Resources Corp.
Metro Pacific has yet to complete its acquisition of roughly a third of Axelum Resources Corp. (ARC) after the two parties mutually agreed to extend the due diligence process.
Chaye Cabal-Revilla, MPIC's chief finance, risk, and sustainability officer, cited earlier that the conglomerate's P5.3-billion investment in the coconut product manufacturer and exporter was "still in process."
"The target due diligence was extended because Axelum is basically public, and you know their numbers because they disclose them," said Cabal-Revilla, noting that the due diligence was adjusted from the October 31 deadline.
"That's the basis of the extension of the due diligence [because] the expected outcome in terms of performance in our earlier due diligence has not happened."
Cabal-Revilla said the extension was "mutually" decided since Axelum still needed to rework their numbers and "we have to relook and redo the extended due diligence."
Axelum, which trades with the AXLM symbol, said it will make the proper disclosures at the appropriate time to inform the public of any developments regarding this transaction.