Millennium Global buys 51% interest in seafoods exporter Millennium Ocean

Listed Millennium Global Holdings Inc. on Monday said it acquired a 51 percent stake in the seafood exports business of its chairman Michael Yang.

 

In a disclosure to the Philippine Stock Exchange, the company said it executed a P137.91 million subscription agreement with Millennium Ocean Star Corp. last Friday to cover primary common shares at a par value of P1 per share.

 

Millennium Ocean Star, which is majority-owned by the chairman and president Yang,  is primarily engaged in processing high quality seafood and aquaculture products – Black Tiger Shrimps, Kisu fillet, and frozen lobsters – for export.

 

The company exports to Japan, Taiwan, Hong Kong, China, Vietnam, Malaysia, Singapore, Europe, United States of America and Canada.

 

In the Philippines, it supplies seafood products like imported salmon, mackerel scad, scallops, shrimps, etc. to supermarkets, groceries, food processors, hotels, and restaurants nationwide.

 

Last December, shareholders of Millennium Global approved the acquisition of a controlling interest in Millennium Ocean.

 

Millennium Global earlier said the investment will "materially widen the investment portfolio of the company as a general holding company, leading to significant opportunities for business growth and enhancing shareholder value." – Danessa Rivera/VS, GMA News