Listed tugboat operator Harbor Star Shipping Services, Inc. disbursed P303.233 million from the proceeds of its initial public offering (IPO) in order to fund acquisition of new vessels for its domestic and international operations.
In a disclosure to the Philippine Stock Exchange, Harbor Star said that as of December 31, 2014, part of the disbursement was used to acquire tugboats for domestic and international expansion and re-fleeting for P99.681 million, to purchase an LCT barge or barge and tug tandem for its lighterage operations for P40 million, and to retire a P45-million debt.
The rest of the disbursed funds amounting to P118.552 million went to the settlement of a bridge loan for the purchase of a pre-owned AHTS vessel from Singaporean company Offshore Support Vessel 10 Pte. Ltd.
The P99.681 million for refleeting was used as partial payment for four pre-owned harbor tugboats, MT Wezen, MT Propus, MT Tabit, and MT Hamal.
MT Hamal was deployed in Malaysia for the company’s planned operations through Peak Flag Sdn Bhd, a Malaysian marine services company where Harbor Star owns 45% of shares.
The three others were locally deployed. Harbor Star has set its eyes for expansion overseas, particularly to Vietnam, Myanmar, and Papua New Guinea.
As for the P40 million earmarked for lighterage operations, Harbor Star used the funds to purchase a pre-owned tug, MT Tyl.
On October 30, 2013, Harbor Star’s common shares were listed on the Philippine bourse following its initial public offering. The company raised a total of P341.408 million, but after deducting related fees and expenses, this was down to P303.233 million.
Harbor Star operates in 12 base ports in the country with a fleet of over 30 vessels. – Roumina Pablo
Photo from harborstar.com
