Millenium Global to take over Calata
Millenium Global Holdings Inc. is taking control of Calata Corp. as a backdoor listing entry of its seafood and aquaculture unit Millenium Ocean Star Corp.
In a stock exchange filing, MGHI said it was acquiring 81 percent of Calata by subscribing to 2.5 billion shares from the listed agri firm’s increase in capitalization from P250 million to P10 billion.
Calata is spinning off its assets and liabilities into a new company to allow the entry of a new investor group.
MGHI will then inject the business of subsidiary Millenium Ocean Star Corp. into the publicly-listed shell firm (Calata).
MOSC is a leading exporter and importer of seafood and aquaculture products. It exports an average of 1,500 metric tons of Black Tiger shrimps and 3,000 MT of cuttlefish, octopus, squid and coral reef fishes.
It has 21 major plants strategically located in Luzon (11), Visayas (7), and Mindanao (3). It also has a facility in Hong Kong.
MGHI plans 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 markets.”
Calata, however, is undergoing delisting proceedings for repeated violation of the Philippine Stock Exchange’s disclosure rules.
Trading in the company’s shares remain suspended since June 30 for non-disclosure of material information.