Millennium to buy 81% stake in Calata

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LISTED agribusiness firm Calata Corp. is selling 81 percent of its equity via a share subscription deal involving 2.5 billion shares to Millennium Global Holdings Inc.

The transaction value of the deal has to be made final, pending the signing of definitive agreements between the companies.

“Post-acquisition, Millennium, using Calata, shall purchase the business of its subsidiary Millennium Ocean Star Corp. thereby enabling the acquired seafood business to use the listed entity in further enhancing its business and fortifying its place as one of the top seafood distributors in the local and international market and provide sufficient and underlying value over shares held by existing shareholders,” Millennium said in a disclosure to the Philippine Stock Exchange on Thursday.

“The entry of Millennium shall be submitted for shareholders’ approval during the respective separate annual stockholders’ meetings of the companies,” it added.

An agribusiness firm diversifying into the casino gambling business, Calata is increasing its capital stock to 10 billion common shares at a par value of P1 per share.

Last month, the Philippine Stock Exchange suspended the trading of Calata shares following multiple violations of the PSE Disclosure Rules.

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