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Harbor Star Shipping Services, Inc. has acquired a 30% stake in the newly established Kaibuok Star Shipyard Inc for P16.5 million
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The Securities and Exchange Commission has approved the incorporation of Kaibuok Star Shipyard Inc. with an authorized capital stock of P55 million
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The remaining 70% equity amounting to P38.5 million was subscribed to and paid for by Sarawak, Malaysia-based Kaibuok Shipyard (M) Sdn Bhd
Harbor Star Shipping Services, Inc. (HSSSI) acquired a 30% stake in the newly established Kaibuok Star Shipyard Inc. (KSSI) for P16.5 million.
In a regulatory disclosure, HSSSI said the Securities and Exchange Commission approved the incorporation of KSSI with an authorized capital stock of P55 million, consisting of 55 million common shares, each valued at P1 per share. These shares have been fully subscribed and paid for.
The remaining 70% equity, amounting to P38.5 million, has been subscribed and paid for by Kaibuok Shipyard (M) Sdn. Bhd.
KSSI’s primary purpose is to engage in ship-related activities, including building, constructing, fabricating, repairing, owning, managing, operating, maintaining, buying, selling, or dealing with various types of ships, vessels, boats, marine structures, graving docks, drydocks, floating docks, land structures, and related conveniences for ship and vessel construction and repair, as well as marine and land structure development.
HSSSI provides integrated maritime services including harbor assistance, towing, lighterage, salvage ship, dredging service, diving and marine maintenance, and construction. It is represented in Malaysia by subsidiary Peak Flag Sdn Bhd, in which it holds a 45% ownership stake.
HSSSI’s other subsidiaries and affiliates include Harbor Star Subic Corp., Harbor Star Energy Corp., Harbor Star East Asia (Myanmar) Ltd., Harbor Star Construction Corp., Astronergy Development Gensan Inc.; Astronergy Development F1, Inc.; and Astronergy Development F2, Inc.
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