Philippine-based tug operator Harbor Star Shipping has had its maiden listing on the Philippine Stock Exchange with shares trading up on the first day of trading.
According to local news agency PhilStar, stocks of Harbor Star gained 1.6 per cent to close at P1.91 (US$0.04) each. Priced "quite cheaply" by market analysts, the company managed to raise P341.4 million (US$7.9 million) from its IPO.
Harbor Star's vice president, Rodrigo Bella, revealed future expansion plans in the local market and Malaysia for the company, as well as the acquisition of new tugs for international expansion and re-fleeting.
Offering services scuh as ship salvage, wreck removal, fire-fighting and oil spill recovery, Harbor Star currently operates in 12 ports around the Philippines including in Manila, Bataan, Batangas, Cagayan de Oro and Davao.
Early last year, Harbour Star acquired a 45-per cent stake in Malaysian marine service firm Peak Flag, which is targeting ports that posted a notable increase in vessel traffic and are opening additional berthing areas, concluded Philstar.
Source: PhilStar
