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Titan Petrochemicals acquires Zhoushan shipyard assets

Titan Petrochemicals acquires Zhoushan shipyard assets

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Hong Kong-listed Titan Petrochemicals has reached an agreement with Fang Jiancheng and Fang Zheng, the founding shareholders of Zhoushan Yatai Shipbuilding Engineering, for the acquisition of a 46% stake in Sino Genius Group, which indirectly owns 94.74% equity interest in Zhoushan Yatai, for RMB100m ($14.47m).

Titan Petrochemicals believes the acquisition will increase the dock capacity of the group for its shipbuilding and repair business and reduce an over-reliance on its existing shipyard.

The company said it will continue to explore opportunities for further expansion and it intends to increase its efforts in the ship repairing business through acquisitions in China’s coastal regions or to form alliances by leasing local large-scale ship repair bases to build up a leading ship repair platform in Asia.

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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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