Harbour Star in shipyard JV with Malaysian firm Kaibuok

Habour Star Shipping Services Inc. said Monday it secured the approval of Securities and Exchange Commission for the incorporation of Kiabuok Star Shipyard Inc., a joint venture with with Malaysia’s Kaibuok Shipyard Sdn. Bhd.

Harbour Star, a listed shipping services company that trades on the Philippine Stock Exchange under the symbol TUGS, said it will own 15 percent of the joint venture, which has an authorized capital stock of P55 million.

Kiabuok will own the balance of 85 percent of Kiabuok Star.
Kaibuok Star was set up “to build, construct, fabricate, repair, own, manage, operate, maintain, buy, sell, or otherwise deal in and with ships, vessels, boats, and marine structures of every kind and nature, 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.”

It isn’t immediately clear where the shipyard will be located and how large it would be.