LISTED maritime services provider Harbor Star Shipping Services Inc. is considering a follow-on offering next year to raise up to P1 billion to fund its planned international fleet expansion and other projects.
In a disclosure to the Philippine Stock Exchange on Tuesday, Harbor Star said its board of directors approved on Monday a proposal to launch a follow-on offering to raise as much as P1 billion to fund the company’s planned international fleet expansion, domestic feeder vessel services and renewable energy project.
“The terms and conditions of the follow-on offering shall be disclosed through the PSE Edge System as soon as the same has been fixed in consultation with the underwriters and Financial Advisers,” the company said.
It added that it will convene a special stockholders meeting in the first quarter of next year to secure the approval of its shareholders.
Harbor Star conducted its initial public offering in October 2013.
Incorporated in 1988, Harbor Star is a maritime services provider engaged in harbor assistance, lighterage, towing, salvage, marine repair and maintenance works and other marine services.
In August last year, it secured the approval of the Securities and Exchange Commission (SEC) to expand its business scope to include international towage, commerce and navigation in the carriage of goods and passengers, and international manning, recruitment, contracting and ship and crew management for all types of vessels.
As of end-December 2015, the company has established operations in 14 base ports nationwide, providing services to about 6,164 ship calls. The major ports that it services include the Manila International Container Terminal, Bataan, Batangas, Cagayan de Oro, and Davao.