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Grand China Logistics gives up interest in Titan's shipyard
Troubled Titan Petrochemicals said in a stock market announcement it has received notice from Grand China Logistics that it has recently entered into an agreement to transfer all interests, rights and obligations in its deal to buy over Titan's 95% interest in Titan Quanzhou Shipyard to Guangdong Zhenrong Energy (GZE), finally relinquishing any claim on the yard and possibly strengthening the latter's position in taking over Titan.
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Kalyakan - stock.adobe.com
"The company will seek further clarification from Grand China Logistics and GZE in respect to the transfer and, whenever necessary, will seek legal and financial advice to ensure the group's position is properly safe-guarded," Titan added.
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