Millennium Global enters seafood export business

MANILA, Philippines - Millennium Global Holdings Inc., formerly IPVG Corp., is entering the seafood export business, formalizing its shift from the information technology business.

The listed holding firm plans to raise cash through the equities and debt markets to support its acquisition, the company said in a disclosure.

Millennium Global said its board of directors approved the “investment in and/or acquisition of various businesses and operating companies, including 51 percent controlling interest in Millennium Ocean Star Corp.”

Millennium Ocean is majority owned by Millennium Global chairman and president Yang Chi Jen.

“The foregoing is aimed to materially widen the investment portfolio of the company as a general holding company, leading to significant opportunities for business growth and enhancing shareholder value,” it added.

Millennium Ocean processes and exports several quality and high-valued seafood and aquaculture products.

“With Millennium Ocean ‘s processing plants and buying stations strategically located all over the country, it has a strong market foothold in Japan, Taiwan, Hong Kong, Vietnam, Malaysia, Singapore, USA, Canada, etc.,” the company said.

Last year, the seafood exporter grabbed a bigger share of the Japanese market after clients called for a significant supply of black tiger shrimps, kisu (asohos) fillet and frozen lobsters. Millennium Ocean also imports salmon, mackerel scad, scallops and shrimps catering to supermarkets, groceries, food processors, hotels, and restaurants nationwide.

“Millennium Ocean estimates to generate sales between P15-20 billion within the next five years,” Millennium Global said.