Manila: Tug boat operator Harbor Star Shipping has revealed that funds raised from its upcoming IPO will be used for expansion plans focused on the expected increase in volume of trade among Asean countries.
The company president Geronimo Bella Jr. said during an IPO briefing that Harbor Star had identified Malaysia as its key market since they expect Johor Port to become the busiest port in the region, surpassing Singapore. Harbor Star is also looking at opportunities through joint ventures in Indonesia, Vietnam and Myanmar.
The price of its initial public offering (IPO) is set at P1.88 a share, with the tugboat operator set to raise P341.41m. [14/10/13]