Greater ChinaShipyards

Major shareholder moves to have Titan Petrochemicals chairman sacked

Titan Petrochemicals has announced that the company has received legal letters from two law firms representing Sino Team Capital Development, a major shareholder of the company, enclosing the requisition notice of a special general meeting to remove Zhang Weibing and Yin Lantian from their positions at the company.

Zhang Weibing currently serves as chairman and executive director of Titan Petrochemicals while Yin Lantian is a non-executive director of the company.

Sino Team Capital Development currently holds 16.08% equity in Titan Petrochemicals who are now seeking legal advice on the matter.

Titan recently suspended financial support for its newly acquired yard Jiangsu Hongqiang Heavy Industry, leading to the operational suspension of the yard. The company’s controlling shareholder, Guangdong Zhenrong Energy, is also facing a winding-up by the court.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
Back to top button