January 15, 2014

Millennium Global acquires 51% stake in Millennium Ocean

Philippine's Millennium Global Holdings Inc. has acquired a 51% stake in the seafood exports business Millennium Ocean Star Corp from its chairman Michael Yang.

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. It exports to Japan, Taiwan, Hong Kong, China, Vietnam, Malaysia, Singapore, Europe, US 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.

According to the Philippine Stock Exchange, the company executed a PHP137.91 million (US$3.1 million) subscription agreement with Millennium Ocean Star Corp. to cover primary common shares at a par value of PHP1 (US$0.02) per share. Shareholders of Millennium Global approved the acquisition of a controlling interest in Millennium Ocean last December.