Millennium Group (NASDAQ:MGIH) stock is rising higher on Monday after the investment holding company announced a stake from YC 1926 (BVI) Limited.
A filing with the Securities and Exchange Commission (SEC) notes that YC 1926 (BVI) Limited now holds an 88.89% stake in Millennium Group. That comes from its 10 million held shares compared to the company’s outstanding shares of 11.25 million.
Investors will note that Millennium Group is a subsidiary of YC 1926 (BVI) Limited. It went public in April 2023 when it sold 1.25 million shares for $4 each in an initial public offering ( ).
What to Know About MGIH Stock
Millennium Group was founded in 1978 and operates out of its headquarters in Kwun Tong, Hong Kong. The company focuses on paper-based packaging solutions. That has it operating in mainland China, Hong Kong, Southeast Asian countries, Australia, the U.S. and elsewhere.
Investors will also keep in mind that MGIH shares are seeing heavy trading on Monday. That has more than 3.2 million shares of the stock changing hands as of this writing. For the record, that’s already well above its daily average trading volume of about 136,000 shares.
MGIH stock is up 109.7% as of Monday morning after closing out Friday down 17.6% year-to-date.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.