AXELUM Resources Corp., which recently secured a multi-billion-peso investment from tycoon Manuel Pangilinan, is setting aside up to P400 million for capital expenditures this year.

In a disclosure to the stock exchange on Monday, Axelum said the estimated outlay of between P350 million and P400 million would be used to expand capacity, modernize equipment and upgrade its facilities.

"The prior year saw a unique opportunity to revisit our fundamentals and strategies as we gear up to restart our momentum in 2024," Henry Raperoga, Axelum president and chief operating officer, said in a statement.

"To date, we are already seeing positive macro indicators, particularly tempering inflation and anticipated interest rate cuts, which are seen to fuel consumer activity in our largest export market," he added.

In 2023, the coconut product manufacturer saw a core net loss of P158 million, which was mainly blamed on the pandemic-induced shipping crisis that led to unusually high customer inventory levels, worsened by lower demand across key markets.

Consolidated sales totaled P5.7 billion, propelled by steady contributions from the company's coconut water and coconut milk segments.

Axelum earlier disclosed plans to expand its global reach, introduce new products and uphold sustainability as part of efforts to achieve long-term growth.

The strategic initiatives were said to be aligned with the firm's goal of restarting its momentum after closing a P5.32-billion deal with Pangilinan-led Metro Pacific Agro Ventures.

Axelum shares on Monday slipped by 1.83 percent to P2.14 apiece.