Hong Kong: The debt laden Titan Petrochemicals Group said Monday it has signed an agreement to sell a 95% stake in Titan Quanzhou Shipyard to rapidly expanding Grand China Logistics for Yuan 1.866bn ($280m). ??In addition, Titan will issue 500 million new shares at a price of HK$0.61 ($0.08) to Grand China Logistics, Titan said in a statement to the Hong Kong Stock Exchange.??The deal is subject to shareholder approval.??Grand China Logistics, which is a unit of Hainan Air Group, is a fast emerging maritime colossus with interests in yards, ships and logistics.
?Hong Kong-listed Titan will use the proceeds to reduce its debt and capital for further development of its existing core business.
Titan, which is into oil storage primarily, reported a loss of HK$735 million ($94.5 million) for the six months ended June 30, as an "oversupply of tonnage and slow demand for oil tankers resulted in the weak performance of (the company's) transportation and ship building business." [14/12/10]?
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