Harbor Star eyes expansion to Southeast Asia this year

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Tug and marine services provider Harbor Star Shipping Services Inc. is hoping to start its overseas expansion this year after it enters the equity market, which will happen during its official listing date in the Philippine Stock Exchange.

In an interview with reporters after the company’s investor roadshow, the Harbor Star chief operating officer, Rodrigo Bella, said that the company “hopes” to start its planned expansion overseas, specifically in Malaysia, Indonesia, Vietnam, Papua New Guine and Myanmar, next year.

“Hopefully, [the overseas expansion would be]next year,” if its initial public offering [IPO] becomes successful,” he added.

During the investor roadshow, Danny Uson, the company’s investor relations officer, said that Harbor Star is also on the lookout for joint ventures with local counterparties in the Southeast Asian countries it is eyeing for growth opportunities.


“We see ourselves as a leading tug and marine service provider in the Philippines and eventually in Southeast Asia by 2020,” Geronimo Bella, chairman and president of Harbor Star, added.

Locally, the company also intends to undertake expansion and refleeting initiatives.

“The company plans to commence operations in key parts of Visayas and Min-danao,” Uson said, citing potential ports in Surigao, Cebu, Bacolod and Iloilo where it can start operations.

The shares of Harbor Star will be offered in the Philippine Stock Exchange from October 16 to 23, and the listing will be on October 30.

Harbor Star finalized the selling price for its IPO last month at P1.88 each share, which will allow the company to raise P341.4 million. This is lower than the firm’s previous targets of P593.83 million and P454 million.

Harbor Star earlier planned to list 605.24 million common shares, of which 181.6 million shares will be sold to the public at a maximum price of P3.27 apiece. This is before the company deferred its IPO several months ago due to market volatility.

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