^

Business

MVP seeks more investments in agribusiness

Richmond Mercurio - The Philippine Star
MVP seeks more investments in agribusiness
MVP Group Chairman Manuel V. Pangilinan
STAR / File

MANILA, Philippines — Business titan Manuel V. Pangilinan remains on the hunt for new investments in companies that will bolster his group’s presence in the agriculture space.

Pangilinan said his group currently has its sights set on several local companies engaged in agribusiness for potential investments.

“We’re looking at several already,” Pangilinan said. “One is related to coconuts.”

According to Pangilinan, the target is to get a significant stake in the company and close the transaction within the year.

Pangilinan-led Metro Pacific Investment Corp. made its entry into the agribusiness sector in 2022 through a partnership with the Carmen’s Best Group, which was followed by another agri venture last year with the acquisition of 34.76 percent ownership in Axelum Resources Corp., a manufacturer and exporter globally of high-quality coconut products.

“For Carmen’s Best, we’re running out of milk so we’re looking at investing in other dairy farms. So we’re looking at at least two more,” Pangilinan said.

He said their greenhouse project is also set to be operational by the fourth quarter this year.

“The first phase is seven hectares. So we’ll proceed to double that in 2025. That’s in San Rafael, Bulacan,” Pangilinan said.

“We’re also looking at 3,000 hectares in Mindoro to plant corn for silage for the cows and several others,” he said.

For Axelum, Pangilinan said his group is satisfied with its investment in the company and has no plans of raising further its stake at the moment.

“If they need more funding for expansion, we’re prepared to do that to help out,” he said.

Pangilinan said he is bullish on the growth of Axelum this year.

Axelum has programmed a capital spending of between P350 million and P400 million this year to deploy additional capacity and undertake equipment modernization and facility upgrade.

Last week, Axelum renewed its supply deal with long-time partner The Vita Coco Company Inc., one of the world’s largest coconut water brands.

vuukle comment

AGRICULTURE

Philstar
x
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with