Millennium Global acquires stake in 2 firms as owner infuses fresh capital

MILLENNIUM Global Holdings, Inc. is on an acquisition spree after its owner infused fresh capital into the company.

The holding firm told the stock exchange on Wednesday its board of directors approved the purchase of a 49% stake in Philippine 101 Hotel, Inc., a domestic firm majority owned by Millennium Global Chairman and President Yang Chi Jen, and a Vietnamese seafood company. Details of the transactions were not disclosed.

Likewise, Mr. Yang is pouring in fresh equity amounting to P73.16 million into the firm, subscribing to the remaining 365.79 million unissued shares of Millennium Global at 20 centavos apiece.

The price represents a 34% discount to the stock’s closing price. Shares in Millennium Global surged 17.31% to end at 30.5 centavos apiece on Wednesday.

Likewise, the company is beefing up its authorized capital stock to P750 million from P250 million, with Mr. Yang subscribing to least a fourth of the increase at 20 centavos per shares.

Millennium Global is undertaking these transactions after the Securities and Exchange Commission approved its application for further equity restructuring to partially wipe out the deficit of P924.26 million at end 2015 against the additional paid- in capital of P820.13 million.

Then known as IPVG Corp., Millennium Global embarked on a restructuring program in 2011 that saw the company transfer all its assets and liabilities to private firm IP Ventures, Inc.

In 2012, the company amended its articles of incorporation to change its primary purpose to allow it, among others, to establish a refinery and produce metal ores, precious stones, oil, gas, coal and minerals primarily for export.

In September the same year, it further amended its primary business to set the stage for ventures in areas involving agriculture, aquaculture and seafood processing.

The SEC cleared the changes to the company’s corporate name and primary purpose in February 2013.

Since completing its transformation, Millennium Global has made two key investments: a 51% stake in seafood processor and exporter Millennium Ocean Star Corp. and a 51% interest in seafood canner Cebu Canning Corp. —