Harbor Star secures $2.5-M loan facility

Net income after tax fell by 26.55% to P9.18 million in the third quarter from P12.49 million in 2014’s comparable period, according to its financial statement released yesterday. Net income after tax fell by 26.55% to P9.18 million in the third quarter from P12.49 million in 2014’s comparable period, according to its financial statement released yesterday.

HARBOR Star Shipping Services, Inc. has secured a $2.5-million loan facility from a company based in the British Virgin Islands to fund its overseas expansion programs and operations.

In a disclosure to the Philippine Stock Exchange, Harbor Star said it signed last Sept. 19 a financing agreement with Chailease International Financial Services Co. Ltd., a company that offers leasing, installment, factoring, corporate direct loan and off-shore financing (OSF) services.

“The facility will be used to fund its expansion plans and operations of the Corporation overseas,” the company said.

Harbor Star last August disclosed it has secured a contractor’s license with the Philippine Contractors Accreditation Board, “in line with its secondary purpose of engaging in the businesses of construction, rehabilitation repair of marine facilities — including repair of piers, ports, jetty, terminals, walkways, bridges, buoys, fender systems, conduct dredging and reclamation works.”

The company’s primary purpose is to engage in ocean towage, commerce and navigation in the carriage of goods and passengers to and from ports around the world.

Source: http://www.bworldonline.com/content.php?section=Co…