{"id":329713,"date":"2024-09-30T22:14:55","date_gmt":"2024-09-30T14:14:55","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=329713"},"modified":"2024-09-30T22:14:57","modified_gmt":"2024-09-30T14:14:57","slug":"trade-the-news-axlm-approves-p500-million-share-buyback-program","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/trade-the-news-axlm-approves-p500-million-share-buyback-program\/","title":{"rendered":"Trade the News: AXLM approves P500- million share buyback program"},"content":{"rendered":"\n
Potential Impact of this News<\/strong><\/td>POSITIVE on the stock price<\/strong><\/td><\/tr>
Company<\/strong><\/td>Axelum Resources Corp.<\/td><\/tr>
Stock Code<\/strong><\/td>AXLM<\/td><\/tr>
Long-term Recommendation on the Stock<\/strong><\/td>Buy<\/td><\/tr>
1-Year Target Price<\/strong><\/td>PHP 2.93<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/div>\n\n\n\n

Axelum Resources Corp. (AXLM), a listed integrated manufacturer and exporter of premium coconut products, is embarking on a P500-million share buyback program aimed at enhancing shareholder value.<\/p>\n\n\n\n

Axelum, which is 34.76-percent owned by a subsidiary of Manuel V. Pangilinan-led Metro Pacific Investments Corp. (MPIC), said it would buy back up to P500 million worth of common shares over a period of six months or from Sept. 25, 2024 up to March 24, 2025.<\/p>\n\n\n\n

Subject to the discretion of the company\u2019s board of directors and upon management\u2019s recommendation, the period may be extended by another six months to end on Sept. 24, 2025.<\/p>\n\n\n\n

Axelum said the board may increase the amount from time to time as the circumstances may warrant, as well as subject to the availability of unrestricted retained earnings.<\/p>\n\n\n\n

However, it said the actual number of shares to be included in the program could not be determined yet as this will depend on the total buyback price of the shares.<\/p>\n\n\n\n

The buyback program will be executed in open market through the trading facilities of the Philippine Stock Exchange.<\/p>\n\n\n\n

According to Axelum, the program will be implemented in a manner that should not adversely affect the prospective and existing projects of the company and its subsidiaries.<\/p>\n\n\n\n

Axelum\u2019s authorized capital stock before the buyback program stands at five billion composed of 4.8 billion common shares and 200 million redeemable preferred shares.<\/p>\n\n\n\n

It has 3.8 billion common shares and 200 million redeemable preferred shares as well as treasury shares of 201.6 million common shares.<\/p>\n\n\n\n

Last December, MPIC sealed a P5.3-billion deal to acquire a stake in Axelum.<\/p>\n\n\n\n

MPIC, through wholly owned subsidiary Metro Pacific Agro Ventures Inc., secured a 34.76-percent stake in the company.<\/p>\n\n\n\n

(News Source: Philippine Star<\/a>)<\/em><\/p>\n\n\n\n

<\/div>\n\n\n\n

This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Take advantage of the price opportunity that might arise when the news hits. Trade the news!<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1371],"tags":[],"class_list":["post-329713","post","type-post","status-publish","format-standard","hentry","category-trade-the-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/329713","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=329713"}],"version-history":[{"count":1,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/329713\/revisions"}],"predecessor-version":[{"id":329715,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/329713\/revisions\/329715"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=329713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=329713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=329713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}