Major shareholder moves to have Titan Petrochemicals chairman sacked

Major shareholder moves to have Titan Petrochemicals chairman sacked

Titan Petrochemicals has announced that the company has received legal letters from two law firms representing Sino Team Capital Development, a major shareholder of the company, enclosing the requisition notice of a special general meeting to remove Zhang Weibing and Yin Lantian from their positions at the company.

Zhang Weibing currently serves as chairman and executive director of Titan Petrochemicals while Yin Lantian is a non-executive director of the company.

Sino Team Capital Development currently holds 16.08% equity in Titan Petrochemicals who are now seeking legal advice on the matter.

Titan recently suspended financial support for its newly acquired yard Jiangsu Hongqiang Heavy Industry, leading to the operational suspension of the yard. The company’s controlling shareholder, Guangdong Zhenrong Energy, is also facing a winding-up by the court.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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