Greater China

Titan wants to keep shipyard

Hong Kong: Financially troubled Titan Petrochemicals has entered into a non-legally binding memorandum of understanding with Guangdong Zhenrong Energy (GZE) to continue to participate in the operations of Titan Quanzhou Shipyard.

It follows the news in June that Grand China Logistics’s plans to run Titan's yard  in Guangdong had come to an end. GCL had been after the 95% stake in the yard controlled by financially troubled Titan Petrochemicals, however it has now decided to relinquish its bid for the yard to GZE, the frontrunner to take over Titan Petrochemicals.

Titan Petrochemicals has proposed to GZE that the sale and purchase agreement be amended and the equity interest in Titan Quanzhou Shipyard to be sold be adjusted such that Titan Petrochemicals will retain an equity interest of between 40% to 55% in Titan Quanzhou Shipyard following completion of the possible transaction.  [18/07/13]

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