Calata acquisition price pegged at P2.5B
Millenium Global Holdings is acquiring 81 percent of Calata Corp. for P2.5 billion.
In a stock exchange filing, Calata said Millenium Global was acquiring 2.5 billion shares for P1 each share or a total of P2.5 billion.
“As a result of the acquisition, if the majority shareholders are holding the 2.5 billion shares, the public float will be up to 570.34 million shares equivalent to 19 percent,” Calata said.
The sale is intended to save Calata from getting delisted from the local bourse.
Last month, the Philippine Stock Exchange initiated involuntary delisting proceedings on Calata following repeated violations of the disclosure rules.
MGHI, led by its chair and president Michael Yang, plans to use Calata as the backdoor listing ticket of subsidiary Millennium Ocean Star Corp., , an exporter and importer of seafood and aquaculture products.