MANILA, Philippines – A local tugboat operator plans to join the roster of companies in the Philippine Stock Exchange (PSE) early next month, making it the fourth to list in the bourse this year.
In a memorandum circular, the PSE said Harbor Star Shipping Services Inc.’s P593-million initial public offering (IPO) will be completed in August.
The final price setting is scheduled on July 10, followed by the start of a domestic roadshow on July 11.
The offer period will start on July 22 and end on July 26 while Aug. 2 will mark the “tentative listing date and commencement of trading on the PSE” under the ticker symbol TUGS, the local bourse said.
Harbor Star plans to list 605.238 million common shares, of which 181.6 million will be sold to the public at a maximum price of P3.27 each.
Net proceeds could reach P540.826 million, Harbor Star said, adding that P227.41 million will be used for the “acquisition of tugboats for domestic and international expansion and refleeting.”
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Harbor Star also allotted P120 million to buy barges for lighterage operations while another P120 million will fund the settlement of a bridge loan for the purchase of a vessel. The remaining P73.4 million will be used to pay existing debts, it added.
It has tapped Abacus Capital and Investments Corp. as its lead issue manager and underwriter.
Harbor Star started commercial operations with just one tugboat in 1998. After 10 years, it has increased its fleet to more than 20 tugboats located in major ports like Bataan, Batangas, Quezon, Cebu, Iloilo, Cagayan de Oro, Leyte and Davao.
Its services include ship salvage, wreck removal, firefighting, oil spill abatement and recovery and handling hazardous chemicals.
Meanwhile, the Securities and Exchange Commission has released the IPO plans of Robinsons Retail Holdings Inc.
In the prospectus submitted to corporate regulators, Robinsons Retail said it plans to sell 461.897 million common shares at a maximum price of P86.64.
The offer shares represent 30 percent of the retail arm of the Gokongwei family.