Lorenzo Shipping Corp. Said its board has approved the issuance of additional common shares to National Marine Corp., a sale that raised P165.5 million in fresh capital for the listed transport company.
A total 165.5 million shares were sold to NMC at their par value of P1.00 each. The shares came from the company’s remaining unissued authorized capital stock, and equivalent to an additional 16.7 percent stake.
Lorenzo Shipping said the capital infusion aims to reduce existing liabilities and support general corporation. The transaction signals a strategic step toward financial stability and operational flexibility, as Lorenzo Shipping navigates a competitive logistics landscape.
With the deal, NMC deepens its stake and influence within the firm, potentially signaling a closer alignment between the two maritime players.
Following the share issuance, public ownership in Lorenzo Shipping will drop to 17.78 percent, edging closer to the minimum public float requirement of the Philippine Stock Exchange.
Market observers may watch closely for changes in corporate direction or further consolidation. The capital boost offers short-term relief, but also raises questions about long-term shareholder value and governance with the reduced public float.
The transaction underscores a growing trend among local shipping companies to seek strategic funding from affiliated entities, amid ongoing industry consolidation and economic pressures.
