In an effort to raise funds and expand its global reach, Negros Navigation Company (Nenaco) in the Philippines says it will list itself on the national stock exchange in 2010.
Nenaco president and CEO Sulficio Tagud said after three years of increasing profitability the company wants to grow its fleet and corner a substantial chunk of the country’s shipping market.
“By the end of this year we will have already met the Securities and Exchange Commission’s requirements for listing, and that is three years of profitability,” Tagud said.
In early 2009 the company asked the Manila Regional Trial Court to terminate its rehabilitation, which started in 2004.
After filing for rehabilitation the company de-listed its shares from the local bourse.
In Q3, Nenaco reported a net income of $4.34m.