was incorporated on November 3, 1994 to provide
the following services to the shipping industry,
industrial plants and other industries both domestic
and foreign:

1. Ship Repairs and Conversions
2. Parts Reconditioning and Fabrication
3. Electrical and Mechanical Works
4. Engine Overhauling
5. Civil and Architectural Works
6. Ducting and Insulation Works
7. Painting and Varnishing works

The company has an authorized capital stock of P 30M. Initial Paid-up Capital of P 2M was increase to P 7.5M in late 1995, then to P 10M in March 1996.

The incorporators were the former key operating officers of Aboitiz Shipping Corp., Cebu Engineering Division. The members of the current management team are likewise seasoned professionals – Licensed Naval Architects, Mechanical and Marine Engineers, Electrical Engineers, Civil Engineers and Certified Public Accountants who have varied experience in their respective professions.

The founding of the company came about from the strategic decision of the former Aboitiz Shipping Corp. to rationalize its engineering operations in Manila where their shipping fleet was located.

The key officers of Aboitiz Engineering Cebu made a bold and wise decision of incorporating ASTIR ENGINEERING WORKS, INC. and arranging with Aboitiz Shipping Corp. to take over the latter’s Cebu Engineering operations and facilities through a leveraged buy-out scheme. Payment came principally from their retirement pay from the company. From Aboitiz Shipping’s point of view, this was fair and advantageous because they did not have to worry about the disposal of their facilities, machineries and equipment. Foremost of all, the separated personnel were mostly absorbed by Astir.