Titan Quanzhou Shipyard’s acquisition moves forward

Hong Kong: Titan Petrochemicals Group announced that the company has received a notice issue by the Guangdong Province branch of China Cinda Asset Management to Titan Quanzhou Shipyard. China Cinda has transferred to Guangdong Zhengrong Energy the rights and interests in the indebtedness owned by Quanzhou Shipyard, and the collateral and guarantee granted in respect of the indebtedness.

The RMB1.42bn indebtedness was originally owned by Quanzhou shipyard, and was granted to the Fuzhou branch of Shanghai Pudong Development Bank and acquired by China Cinda in August 2013. [30/10/13]

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