Axelum Resources Corp (AXLM), a listed coconut product manufacturer, has purchased from the open market a total of 35,000 shares last May 14 at an average price of P2.8706 as part of a share buyback program.

The company, which has its main production facility for its coconut water production in Medina, Misamis Oriental, has resorted to the buyback program following the steep decline in its share prices.

A company usually resorts to buying back its shares from the stock market that and it has the effect of increasing the value of the shares that are out in the market. AXLM was listed last October at an IPO price of P5. Its stock price had a high of P5.30 and a low of P1.75 per share.

Axelum Resources, which has a production facility in both the United States and Australia, has already bought a total of P104.57 million worth of its shares following the board resolution for the buyback program set May 11.

The information on the buyback was disclosed by Axelum treasurer and chief financial officer Maria Theresa Paguiringan.