The Securities and Exchange Commission (SEC) has approved the incorporation of Harbor Star Subic Corp., a wholly-owned subsidiary of listed marine services provider Harbor Star Shipping Services, Inc. (HSSSI).
In a disclosure to the Philippine Stock Exchange, HSSSI said SEC has approved on September 17 Harbor Star Subic’s incorporation papers allowing it to engage in marine-related ancillary services such as harbor assistance, towage, lighterage, oil spill response and underwater marine services.
Earlier HSSSI chief information officer Atty. Ignatius Rodriguez said the company will be investing US$4 million to $5 million to establish a subsidiary at the Subic Bay Freeport Zone (SBFZ). The company is targeted to start operations by the fourth quarter of 2015.
HSSSI has earlier secured approval from the Subic Bay Metropolitan Authority (SBMA) to operate at SBFZ and an endorsement from the Maritime Industry Authority.
Asked why HSSSI decided to put up operations at SBFZ, Rodriguez said they were requested by their customers at the Manila International Container Terminal (MICT) to operate at the Freeport zone since many either already ship or plan to ship through Subic Bay. HSSSI is the sole harbor assistance provider at MICT.
The company also wanted to avail of the Freeport zone incentives, Rodriguez said.
The Subic venture will enlarge HSSSI’s Philippine operations now covering 64 ports, with 13 as base or hub ports located in Bataan, Batangas, Bohol, Cagayan de Oro, Davao, General Santos, Leyte, MICT, Palawan, Semirara in Antique, Surigao, Maubay in Mindoro Oriental, and Sariaya in Quezon.
