Titan Petrochemicals acquires Zhoushan shipyard assets
Hong Kong-listed Titan Petrochemicals has reached an agreement with Fang Jiancheng and Fang Zheng, the founding shareholders of Zhoushan Yatai Shipbuilding Engineering, for the acquisition of a 46% stake in Sino Genius Group, which indirectly owns 94.74% equity interest in Zhoushan Yatai, for RMB100m ($14.47m).
Titan Petrochemicals believes the acquisition will increase the dock capacity of the group for its shipbuilding and repair business and reduce an over-reliance on its existing shipyard.
The company said it will continue to explore opportunities for further expansion and it intends to increase its efforts in the ship repairing business through acquisitions in China’s coastal regions or to form alliances by leasing local large-scale ship repair bases to build up a leading ship repair platform in Asia.