Hong Kong: Guangdong Zhenrong Energy, the company keen to buy out debt-laden Titan Petrochemicals, has upped its offer in the face of a rival bid. Zhenrong is willing to invest HK$928.2m of capital, up from the original offer of HK$175m, as well as pledging to restructure all debt. Zhenrong is already the largest shareholder of Titan, having bought out the stock of its former chairman at the end of August.
Patrick Wong, executive director of Titan, commented: “We believe the supplemental agreement is by far and away the most compelling option, of all those that have been disclosed, for Titan creditors and shareholders.” [04/10/12]
