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Titan confirms disposal of 95% stake in Chinese shipyard

Titan confirms disposal of 95% stake in Chinese shipyard

Hong Kong: Titan Petrochemicals Group has on Thursday approved a 95% disposal of its equity stake held by two of its subsidiaries in Titan Quanzhou Shipyard in China. Grand China Logistics, a member of Hainan Air Group, will acquire the 95% disposed equity stake, while Titan TQSL will hold the remaining 5%. Titan TQSL and Titan Fujian currently hold 78.4% and 21.6% stake, respectively, in Titan Quanzhou Shipyard. The consideration for the 95% disposal of the shipyard is approximately 1.87bn yuan ($283.8m). The directors of Hong Kong-listed Titan are hoping the disposal will enable the group to "significantly reduce its debt level" and strengthen its liquidity position to fund development of its existing core business. The group is a provider of downstream oil logistics and marine services in the Asia-Pacific region, including operating both onshore and offshore oil storage terminals in China and Southeast Asia. [21/01/11]

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