MANILA, Philippines - Listed seafood exporter Millennium Global Holdings Inc. is gobbling up a family-run seafood company based in Cebu.
In a disclosure to the local bourse, the holding firm formerly known as IPVG Corp. said it is acquiring primary and secondary shares of Cebu Canning Corp. (C3) to make the latter its wholly-owned unit.
Millennium Global said the amount of the acquisition is still “under negotiation of the parties.”
“The chairman/president and CEO, Yang Chi Jen, was authorized to negotiate, finalize the terms and conditions of the agreement and sign on behalf of the company,” Millennium Global said.
C3, a local firm incorporated in 2008, is primarily engaged in the business of processing pasteurized canned crabmeat commonly known as blue swimming crab and exports high quality canned seafood mainly to the US.
“Its clientele include Sigma International Inc., Bonamar Corp., Blue Star, Handy International and Harbor Seafood, a US based company operating since 1975,” Millennium Global said.
Millennium Global formalized last year its shift to the seafood export business from the information technology business.
The firm earlier this year acquired 51 percent controlling interest in Millennium Ocean Star Corp., a firm engaged in the processing and export of several quality and high-valued seafood and aquaculture products.
Aside from its acquisition of the Cebu-based C3, the company yesterday said it also entered into an investment agreement with Chen Chih-Hsing, a Chinese national who serves as president of U Hung Trading Co. Ltd.
Millennium Global said Chih-Hsing agreed to infuse into the company the amount of P15 million.
“The amount shall be payable in three years, convertible into equity at the option of the investor,” the firm said.
Millennium Global said Chih-Hsing’s firm, U Hung Trading, has been engaged in seafood importation and processing since 1997.