AXELUM Resources Corp., a listed coconut product manufacturer and exporter, said its board has approved a share buyback program aimed at enhancing shareholder value.
The buyback program will run for six months, commencing on Wednesday, Sept. 25, and concluding on March 24 of the following year, the company said in a regulatory filing on Wednesday.
“The board of directors may, at its discretion and upon management’s recommendation, extend the period by another six months to end on Sept. 24, 2025,” Axelum said.
Axelum’s board authorized the company to buy back up to P500 million worth of common shares.
“Such amount may be increased from time to time by the board of directors as the circumstances may warrant and subject to the availability of unrestricted retained earnings,” Axelum said.
“The actual number of shares to be included in the buyback program cannot as yet be determined as this will depend on the total buy back price of the shares,” it added.
Axelum said its capital structure remains undetermined, as the number of shares to be repurchased will depend on the buyback price.
The buyback program will be conducted in the open market through the Philippine Stock Exchange.
“The buyback program shall be implemented in an orderly manner and should not adversely affect the company’s and its subsidiaries’ prospective and existing projects,” Axelum said.
For the first half, Axelum saw a P208.16-million net income, a reversal of the P125.97-million net loss in the same period last year.
Revenue during the period increased by 14% to P3.22 billion from P2.82 billion a year ago due to the strong volume growth of its white meat business including desiccated coconut, coconut milk powder, and sweetened coconut.
On Wednesday, Axelum shares were unchanged at P2.26 apiece. — Revin Mikhael D. Ochave