Harbor Star Shipping Services Inc. is investing P16.5 million for a 30 percent equity in a shipyard company.
The shipping company said the investment will be in Kaibuok Star Shipyard Inc. (KSSI), which it will establish in partnership with Malaysia’s Kaibuok Shipyard (M) Sdn. Bhd., which operates Kaibuok Shipyard in Sarawak, Malaysia.
KSSI is incorporated with an authorized capital of P55 million, divided into 55 common shares with a par value of P1, all fully subscribed and paid up.
Kaibuok owns the remaining 70 percent stake.
“The primary purpose of KSSI is to build, construct, fabricate, repair, own, manage, operate, maintain, buy, sell, or otherwise deal in and with ships, vessels, boats, and marine structures of every kind and nature, graving docks, drydocks, floating docks, various land, and other structures and other conveniences for building, repairing, or docking of ships and other vessels for building and repairing marine and other land structures,” the company said.
Harbor Star closed the first half of the year with a profit of P136.47 million, down 67.5 percent compared to the P420.01 million recorded last year.
Revenues declined by 13.33 percent to P1.3 billion from P1.5 billion revenues posted a year ago. – Ruelle Castro
