LISTED holding firm Millennium Global Holdings, Inc. is acquiring a 49 percent equity interest in Vietnamese enterprise Pacific Seafoods Company Ltd. (Paseco) for 17.15 billion Vietnamese Dong, or about P38.15 million.
In a filing to the Philippine Stock Exchange (PSE), Millennium Global said it signed on May 31 the deed of absolute sale of stake, ownership and control in Paseco, a non-stock enterprise primarily engaged in aqua foods and products processing and preservation business.
“[Millennium Global] expects to gain additional international exposure with an added base within Asia through Paseco,” the company said.
“This may translate to the usage of additional facilities (such as, but not limited to, air-blast freezer, automatic fryer, washing machine, flake ice maker, metal detector , IQF machine, cold storage, vacuum packaging, etc.) and the opportunity to penetrate a wider market,” it added.
The company acquired 49 percent of Paseco from Vo My Duyen, a Vietnamese national and sole member and owner of Paseco.
The aggregate amount was considered based upon the 49 percent of Paseco’s chartered capital of 35 billion Vietnamese Dong.
“Two thirds of the amount is payable immediately. The balance is payable not later than April 30, 2018, or as may be further agreed between the parties,” Millennium Global said.
Earlier this year, the company announced that its owner was infusing fresh capital into the company. The company said its chairman and president Yang Chi Jen.Yang is pouring in fresh equity of P73.16 million into the firm by subscribing to the remaining 365.79 million unissued shares of Millennium Global at P0.20 per share.
The company also acquired a 49 percent stake in Philippine 101 Hotel, Inc., a domestic firm majority owned by Yang.
In September 2012, the company amended its articles of incorporation, expressing intention to set the stage for venturing into other areas involving agriculture, aquaculture and seafood processing.
Since completing its transformation, Millennium Global has made two key investments, including a 51 percent stake in seafood processor and exporter Millennium Ocean Star Corp. and a 51 percent stake in seafood canner Cebu Canning Corp.