Harbor Star buys 60% of energy firm for $6.3M

HARBOR Star Shipping Services Inc. (TUGS) announced on Friday that it had acquired, through a wholly-owned subsidiary, 60 percent of the shares of Astronergy Development Gensan Inc., a General Santos City-based renewable energy firm, for $6.3 million.

TUGS’ subsidiary, Harbor Star Energy Corporation, entered into agreements for the purchase of 45 percent of the issued capital stock of ADGI from existing shareholders and subscription to primary shares. for a consideration of $6.3 million, to own up to 60 percent of ADGI.