Titan Petrochemical has entered into an agreement with Prime Wealth Capital to sell the entire issued share capital of Asia Pacific Aluminium, a unit that controls 46% equity interest in Zhoushan Yatai Shipbuilding, for a nominal price of HK10,000 ($1,283).
The deal follows Titan selling its entire stake in three other subsidiaries earlier this month.
Titan Petrochemicals had acquired 94.74% equity interest in Zhoushan Yatai in January 2017 for a price of RMB100m ($14.47m) with the aim to expand its ship and offshore repair business. The company also set up Sinozing Drydock in March 2017 to integrate all its shipyard assets.
Last year, Titan was hit by a financial crisis and suspended financial support for subsidiary yard Jiangsu Hongqiang Heavy Industry, only three months after it took over the shipyard.
In November, Hui’an County Huidong Water Supply Company filed a winding up application at a court against Titan Quanzhou Shipyard.
