Corporate

Harbor Star Shipping Services Inc., a company that trades on the stock exchange under the symbols TUGS, said it has been hired to salvage M/T Terranova, a tanker that sank off the coast of Bataan.

Encouraged by Cebu City's vibrant economic prospects and its own rapid expansion, Topline Business Development Corp., led by the Lim siblings, is set to enhance its footprint in the downstream oil industry. The company is doubling down on its bet on Cebu’s petroleum retail market, potentially a prelude to an even more aggressive growth strategy in the coming years.

Robinsons Retail Holdings Inc., the retail arm of the Gokongwei Group, will soon see a changing of the guard as Lance Gokongwei relinquishes his seat as director and chairman of the board at the end of the year.

Philex Mining Corp., the country’s largest gold producer, said Friday net income in the second quarter dropped 32 percent year-on-year to P214.7 million, weighed down by other charges such as foreign exchange losses and interest expense.

Concepcion Industrial Corp., a leader in consumer lifestyle and enterprise solutions, said Thursday net income in the second quarter nearly doubled on the back of effective sales strategies, enhanced customer engagement, and favorable market conditions exacerbated by hot weather.