Titan Petrochemicals has announced that it has received an order from a court in Hong Kong regarding the appointment of RSM Corporate Advisory as liquidators of Guangdong Zhenrong Energy (GZE), the controlling shareholder of Titan Petrochemicals.
The High Court of Hong Kong ordered to wind up GZE according to petitions filed by Industrial Bank.
Titan Petrochemicals said the wind-up order may have an material adverse impact on the company’s business operations and financial position.
Following the completion of a long restructuring process, Titan Petrochemicals has just started to develop its business with a focus on the shipbuilding and ship repair markets.
Titan Petrochemicals has asked shareholders of the company and potential investors to accordingly exercise caution when dealing in the securities of the company, given the current uncertain situation the company is involved in.