Harbor Star to spend over $8M on domestic, overseas expansion

Listed transportation service provider Harbor Star Shipping Services Inc. on Wednesday said it plans to spend over $8 million dollars on expanding operations both domestic and overseas.

"For domestic expansion, eight million dollars. We're trying to keep the costs down," Harbor Star President Geronimo P. Bella Jr. told reporters on the sidelines of the company's annual stockholders' meeting in Makati City.

"Maybe we'll be looking up ports up north of Manila. We're looking at Subic and La Union," he added.

These will add to the company's operations in 14 base ports across the country, including Bataan, Batangas, Cagayan de Oro and Davao.

Aside from expanding locally, Bella said Harbor Star is also widening its footprint in Asia.

"The company is looking for more opportunities in Malaysia, Indonesia and Myanmar," he said.

"We're in talks with the Port Authority of Myanmar and a company in Indonesia and also in Malaysia," he added.

Bella said the company plans a P1 billion follow-on offering in the fourth quarter of the year, the detail of which have yet to be finalized.

Harbor Star is primarily in the business of on ocean towage and commerce and navigation carriage of goods and passengers. — VDS, GMA News