The Securities and Exchange Commission (SEC) has allowed Navotas-based Asian Shipping Corp., one of the largest domestic shipping firms in the Philippines, to increase its authorized capital stock by nearly seven times, from p300 million to R2 billion.
In one of its recent en banc sessions, SEC Commissioners already approved the request of Asian Shipping to boost the company’s capital to p2 billion, while having a current subscribed capital of p725 million and paid-up capital of R406.25 million.
The company announced in its social networking site account more than a week ago that it just launched its brand new tug, M/Tug Ernie.
When asked for comments regarding the new fleet and its reasons for increasing its capital, the company did not yet give any response.
Asian Shipping, which leases landing craft tanks, tugs, and barges, was the top domestic shipping company in the Philippines in terms of gross register tonnage (GRT), with 125.7 thousand GRT, in 2014, a Maritime Industry Authority (Marina) data showed.
In terms of the number of fleets, Asian Shipping is also one of the biggest among local shipping firms having more than a hundred vessels.
The Maritime Industry Authority is an attached agency of the Department of Transportation and Communications tasked to accelerate the integrated development of the maritime industry in the country.
In the latest available data provided by Marina, a total of 20,280 vessels are engaged in domestic operations in the Philippines as of July, 2014, up 6 percent from 19,011 in December, 2013.
Other companies who recently bagged the SEC approval to increase their authorized capital stocks are AL Hilal International Shipping Corp. and Majestic Landscape Corp.
Al Hilal, which does international shipping, got the approval to increase its capital from R25 million to R125 million, while holding firm Majestic Landscape was allowed to hike its capital from R10 million to R210 million.
According to its website, Al Hilal pioneered the development of the petroleum tanker and agriculture/marine trades in the country. It offers a wide range of shipping-related services catering to mining, oil, gas, container and specialty carriers.
As one of the largest shipping operators in the Sulu archipelago region, it manages more than 10 vessels on a 24-hour a day routine.
Majestic Landscape, on the other hand, is a local holding firm that is engaged in real estate, landscaping, among others.
Source: Seafarertimes
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