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Titan Petrochemicals proposes financial reorganisation

Hong Kong-listed Titan Petrochemicals has proposed to implement a capital organisation scheme to enhance its financial flexibility.

The proposed scheme involves share consolidation and capital reduction which will see every four existing shares of the company consolidated into one share.

The company will apply with the stock exchange for the listing of new shares when the reorganisation is completed.

According to Titan, given the company’s current trading price are below  HK$0.1, the company is unable to conduct any fundraising activities. The capital reorganisation provide greater flexibity to the company to carry out fundraising exercises in the future.

Titan expects the capital reorganisation to be effective on June 30.

In December last year, Titan entered into an agreement to dispose its shares in its Zhoushan yard, while its Quanzhou yard entered into liquidation.

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.
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