Listed Harbor Star Shipping Services, Inc. recently received approval from its stockholders to amend its Articles of Incorporation to allow the company to expand its business portfolio.
In a disclosure to the Philippine Stock Exchange, Harbor Star said its stockholders on November 28 approved the amendment of the Second Article of the Articles of Incorporation to include new lines of business in the primary and secondary purposes.
Its board of directors had already approved the amendment last July 17.
Harbor Star’s primary purpose will include international towage, commerce and navigation in the carriage of goods and passengers, as well as international manning, recruitment, contracting, and ship and crew management for all types of vessels.
Secondary purposes cover the following:
- operate liner and feeder vessels and barges
- invest in, develop, manage, or operate in domestic and international shipyards, ports and terminals
- import, export, trade, and buy and sell coal, oil, bunker, construction material, rice, corn, and other commodities
- engage in offshore marine and engineering work
- engage in construction and rehabilitation of marine facilities
- perform all acts related to real estate acquisition, development, operation, and investment
Harbor Star earlier said it was eyeing the expansion of its services to other countries such as Malaysia, Vietnam, Papua New Guinea, and Myanmar.
The tugboat operator started its overseas venture in 2013 when it acquired 45% of shares at Malaysian marine services provider Peak Flag Sdn Bhd.
Harbor Star president Geronimo Bella, Jr. previously said the company wanted to go into shipbuilding, ship repair, dry docking, pier inspection, and marine waste management.
The company currently operates in 12 ports around the country with a fleet of 30 vessels. – Roumina Pablo
