Stock exchange listed Filipino company Millennium Global Holdings is acquiring a 51 percent stake in Cebu Canning Corp. for PHP 6.7 million (€140,425/$151,304) to further expand its range in the seafood business, reported Business Mirror.
The company executed subscription agreements with Cebu Monday to purchase the latter’s primary common shares totaling to 67,000. The first transaction involves 37,000 primary common shares at a par value of PHP 100 (€2.10/$2.30) each, or a total of PHP 3.7 million (€77,548/$83,556).
The second part of the deal is for 30,000 common shares in Cebu, worth PHP 3 million (€62,877/$67,748).
