Hong Kong-listed Titan said the board meeting to approve the 2011 annual results has been rescheduled to 11 May. At the same time, the company is continuing negotiations with Grand China Logistics on a payment default.
Grand China Logistics failed to pay Titan approximately RMB972.05m ($153.73m) due on 31 December 2011 under a sale and purchase agreement to dispose 95% equity in Titan Quanzhou Shipyard and the issue of 500,000,000 subscription shares to Grand China Logistics.
Titan is also in discussions with a number of potential investors in repsect of possible equity and/or debt investments in the company.
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