Hong Kong: Grand China Logistics and Titan Petrochemicals have settled their legal spat over the proposed sale of the latter’s shipyard in Quanzhou.
Grand China moved four years ago to snap up a 95% stake in Titan Quanzhou Shipyard, a move that ultimately fell through in 2012 as both sides struggled financially. The failed transaction ended up in court with Titan claiming Grand China owed it around $150m while Grand China sued Titan for breach of contract. Both cases have now been dropped with Grand China selling all its interests in the yard to Titan’s largest shareholder, Guangdong Zhenrong Energy.
Titan’s shares, which were suspended from the Hong Kong stock exchange in June 2012, remain suspended and a potential winding up order from Knightsbridge Tankers looms at the end of the month at a court in Bermuda. [15/01/14]