The parent company of shipping firm Stevedoring has filed for relief from the 60-40 rule.In a filing to the Bermuda Stock Exchange (BSX), Polaris Holding Company Ltd gave notice of the company’s intent, effective January 2013, to seek relief from the 60 percent Bermudian ownership rule.The move paves the way for more foreign investment in the company.Polaris CEO Peter Aldrich said: “While Polaris has no definitive plans to diversify its shareholdings, the ability to do so may open up opportunities that do not exist under the current structure.“The company sees this as a positive and prudent step for possible future expansion and access to investment capital in a very expensive industry.“Any such opportunities could be of a direct benefit to the local economy though the creation of jobs and use of local services as we look forward to meeting the needs of the shipping and transportation requirements of the country in the future.”An amendment to the Companies Act earlier this year allowed publicly traded companies in certain “prescribed industries”, one of which is transportation, to apply for 60/40 rule relief.The easing of the restrictions makes it easier for qualifying BSX-listed companies to raise capital, by giving them unrestricted access to foreign investors.Ascendant Group, which is seeking funding to upgrade its plant and build a new power station, was granted relief from the rule earlier this month. Last month, telecommunications group KeyTech Ltd was the first firm to successfully gain relief from the 60-40 rule.In a letter to the Government of Bermuda’s Minister of Business Development and Tourism, the Company stated: “Polaris Holding Company Ltd, whose registered office is located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda, hereby gives notice of its intention with effect from January 2, 2013, to rely on the provisions of section 113(1)(cd)(i) of the Companies Act 1981 and to carry on business in reliance upon the provisions of section 114(1)(e) of the said Act and accordingly hereby notifies the Minister that its shares are listed on the Bermuda Stock Exchange and that it is engaged as a business in a material way in the international transportation services (by ship or aircraft) industry.”