Hong Kong: Titan Petrochemicals has issued an announcement on further updates of the company that involves a new funding proposal.
The company plans to raise up to HK$396.1m before expenses by issuance of five-year zero coupon unlisted convertible bonds by the way of an open offer to all shareholders. The open offer will be fully underwritten by Fame Dragon International Investment Limited, a wholly owned subsidiary of Guangdong Zhenrong.
Meanwhile, two of Guangdong Zhenrong’s senior executives are being considered as potential new directors of Titan’s board to enable Guangdong Zhenrong to fully utilise the business platform the company has already developed, benefitting from product origination, transportation services, floating storage in Singapore, distribution via supply/bunkering activities out of Singapore. [18/03/13]
