Harbor Star board OK’s P1-B follow-on offering

HARBOR Star Shipping Services, Inc. has received board approval to raise as much as P1 billion through a follow-on offering, amid its international fleet expansion.

The listed shipping line said in a disclosure Tuesday that it will convene a special stockholders’ meeting in the first quarter of next year to secure the approval of at least 2/3 of its stockholders.

“On Dec. 12, the Board of Directors of Harbor Star Shipping Services, Inc., subject to approval by two-thirds of the outstanding capital stock of the corporation, approved to have a follow-on offering to raise P1 billion,” Harbor said in its regulatory filing to the Philippine Stock Exchange.

The additional capital, it said, will fund its planned international fleet expansion, domestic feeder vessel services and renewable energy project.

“The terms and conditions of the follow-on offering shall be disclosed through the PSE Edge System as soon as the same has been fixed in consultation with the underwriters and financial advisers,” the disclosure read.

Harbor Star announced last September that it has secured a $2.5-million loan facility from British Virgin Island based company Chailease International Financial Services Co. Ltd., to fund its overseas expansion programs and operations.

Harbor Star shares closed at P2.24 apiece, up 9.27%. —