Axelum earmarks P350M for capacity upgrades, plant improvements

Axelum Resources Corp. has earmarked P350 million for its capital expenditure to finance upgrades and plant improvements in the coming years.

In a regulatory filing, Axelum said the capex will be used to fund equipment modernization, capacity upgrades, plant improvements, and new product research and development activities.

The company said it is also seeking to expand its market reach both in the Philippines and overseas through distribution partners in key growth areas.

"We are entering 2021 with a renewed sense of courage and optimism anchored on our collective efforts and various learnings from last year, which strengthened our character and resolve," said Axelum president and chief operating officer Henry Raperoga.

"Last year, we capitalized on downtime at our manufacturing facilities driven by the COVID-19 pandemic to increase capacity in existing products and introduce new products, both of which will drive substantial growth in the future," he added.

Axelum produces coconut products such as coconut water, desiccated coconuts, coconut milk powder, reduced fat coconut, sweetened coconut, coconut oil, among others.

Shares in Axelum closed Thursday at P3.22 apiece, down by 5 centavos or 1.53% from Wednesday's finish of P3.27 apiece.—AOL, GMA News