Philippines: Japan’s Daito buys 5% stake in Harbor Star Shipping

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.

Japan-based Daito Corp has picked up 5 per cent stake in Philippine-listed Harbor Star Shipping Services Inc. after a series of share purchase transactions.

Daito is a logistics firm that is mainly into harbor and marine transportation, shipping agency businesses, while Harbor Star is engaged in ocean towage, commerce and navigation in the carriage of goods and passengers through various water ways in different ports locally and abroad.

Harbor Star disclosed that Daito bought company shares from February 2 to March 23, priced at P1.16 to P1.32 apiece.

The Japanese firm likewise acquired some shares in Great Eastern Tug, a non-listed company and stakeholder of Harbor Star.

Harbor Star said, in a statement, Daito seeks to contribute to the expansion of tug boat business in the Philippines as it looks at the country’s economic growth to be a promising one.

Daito also currently provides tug boat services in Yokohama and Chiba in Japan.

Only recently, Harbor Star signed a joint venture agreement with US-based Guam Industrial Services In.c to establish a company that will operate several floating dry dock facilities in the Philippines.

The JV’s goal is to meet the growing demand for additional dry dock facilities in the Philippines. Harbor Star’s last trading price increased 0.79 per cent or P0.0100 to close at P1.27.

Source:http://www.dealstreetasia.com/stories/philippines-…