Marine service provider Harbor Star Shipping Services, Inc. (HSSSI) has acquired 31% of the outstanding capital stock of tugboat operator High Energy Marine Services, Inc. (HEMSI).
HSSSI, in a disclosure to the Philippine Stock Exchange, said the acquisition is in line with its strategy to expand its operations to other ports.
The marine service company said it expects to generate income from dividends arising from the operations of HEMSI.
The acquisition cost is less than 10% of its total stockholders’ equity as of June 30, 2018, with full payment upon delivery of the Deed of Assignment of Shares, Endorsed Certificates of Stock, and other supporting documents. The acquired shares were from HEMSI’s Capt. Romulo Salle, Capt. Elmer Magallanes, Capt. Fernando Masicampo, Capt. Greg Sazon, Capt. Henry Jamisola, Capt. Wilhelmino Subang, and Grace Gutib.
HEMSI was registered with the Securities and Exchange Commission in February 2013 under the name MBHPP Marine Services, Inc. The company’s service lines include harbor assistance, towage, and mooring. With a fleet of 11 tugboats, HEMSI provides services at the ports of Manila, Bataan, and Cavite.
HEMSI is the dominant tugboat operator at the Manila South Harbor, which posted its highest recorded midyear container volume this year.
With the acquisition of HEMSI, Harbor Star said it now has an interest in the harbor assist operations at the two largest and most active terminals in the Philippines—Manila South Harbor and Manila International Container Terminal (MICT)—which in 2017 both handled a combined arrival of more than 4,000 foreign vessels. HSSSI is the sole tug assist operator at MICT.
Also, HSSSI now has indirect presence in the ports of Manila Harbour Centre, Bataan, and Sta. Rosario, Cavite.
As of last year, HSSSI has established operations at 16 baseports around the country, and in Malaysia through subsidiary Peak Flag Sdn Bhd.
