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.