LISTED Harbor Star Shipping Services, Inc. said on Monday the Securities and Exchange Commission (SEC) had approved the incorporation of Kaibuok Star Shipyard, Inc. (KSSI).

In a stock exchange disclosure, Harbor Star said the SEC had authorized the creation of KSSI with an authorized capital stock of 55 million common shares at P1 each or P55 million which have been fully subscribed and paid up.

The company has subscribed to 30% of the issued and outstanding capital stock for P16.5 million, it said, adding that the 70% equity or P38 million was subscribed by Malaysian company Kaibuok Shipyard (M) Sdn. Bhd.

KSSI will build, construct, fabricate, repair, own, manage, operate, maintain, buy, sell, and deal with ships, vessels, boats and marine structures of every kind and nature, Harbor Star said.

The company said the unit’s business would include “graving docks, drydocks, floating docks, various land, and other structures and other conveniences for building, repairing, or docking of ships and other vessels for building and repairing marine and other land structures.”

Harbor Star is mainly engaged in harbor assistance, lighterage, towing, ship salvage, marine construction, repair and maintenance works, and other marine services. It has operations in 11 base ports in the country and services about 8,086 ships as of last year.

At the local bourse on Monday, shares in the company fell by 10 centavos or 1.25% to end at P0.79 each. — Ashley Erika O. Jose