Hong Kong: Titan Petrochemicals Group announced this week that Guangdong Zhenrong Energy has reached agreement with Warburg Pincus entity Saturn Petrochemical Holdings Limited to acquire all of its interests in Titan Listco Preferred Shares.
Titan also revealed in the announcement that on October 12, 2012 a BVI court sanctioned the sale of certain assets of its StorageCo entity to Neptune Storage Limited and Zhenrong Energy, who is acting through its wholly owned Fame Dragon International Investment Limited entity, will in addition purchase the entire issued share capital of NSL.
"We are delighted to report that significant progress has been made in securing Titan's long term future," Titan Executive Director Patrick Wong Siu Hung said in an emailed comment about the announcement.
"We are now fully focused on working closely with Guangdong Zhenrong Energy to re-inject the highly valuable StorageCo assets back into Titan and to ensure that liquidation petition in Bermuda is withdrawn, all of which will greatly benefit Titan and its staff, creditors and shareholders," he added.
In a separate announcement Tuesday, Titan said the results for the six months ended June 30, 2012 it previously said would be published on or before October 31, 2012, would be delayed further due to the uncertainty of the outcome of the Bermuda Proceedings "which can have a material effect on the results and financial position of the Company." Pending the outcome of the Bermuda Proceedings, Titan said it will seek to release the results on or before December 31, 2012. [01/11/12]