- April 6, 2016
- News & Events, Press Releases
Japanese company acquires 5% of Harbor Star Shipping
Daito Corp. of Japan has acquired a minority interest in Harbor Star Shipping Services Inc., a leading provider of harbor assistance, lighterage, salvage and towing services in the country.
Daito acquired a 5-percent interest in Harbor Star by buying shares from the market on Feb. 2 to March 23 at P1.16 to P1.32 per share.
Daito also acquired some shares in Great Eastern Tug, a non-listed company that also owns a stake in Harbor Star.
Daito is also in the business of providing tugboat services in Yokohama and Chiba, Japan.
The Japanese firm said it would like to “strengthen its business partnership with Harbor Star and contribute to the expansion of the tugboat business in the Philippines where economic growth remains to be promising.”
Harbor Star signed an agreement with Guam Industrial Services Inc. last month to establish a joint venture company that will operate several floating dry dock facilities in the Philippines.
The joint venture company intends to cater to the growing demand for additional dry dock facilities in the Philippines.
The target clients include foreign and domestic vessels in the Philippines and other Southeast Asian countries. It plans to service vessels as long as 190 meters and as wide as 30 meters.
Guam Industrial has been in the business of ship repair and related industrial services over the past 19 years. The company operates Guam Shipyard in Guam and its main clients are the US Navy and the US Coast Guard.
Harbor Star has been in the marine services industry for 18 years and provides services such as harbor assistance, towage, salvage, diving and marine maintenance, and pier repair and construction.
It currently maintains a fleet of 45 watercraft comprising of tugboats, barges and specialized vessels. It currently services more than 70 ports and terminals throughout the Philippines.
Share price of Harbor Star on Wednesday rose 3.3 percent to P1.26.