Titan Petrochemicals and Zhoushan Yatai entered into framework agreement for the acquisition of 46% stake in Sino Genius Group, which indirectly owns 94.74% equity interest in Zhoushan Yatai. The transaction was concluded with Fang Jiancheng and Fang Zheng, which are the founding shareholders of Zhoushan Yatai Shipbuilding Engineering, and has total worth of 100 million CNY (about 14.47 million USD). The Hong Kong-listed Titan Petrochemical believes that the acquisition will improve the dock capacity of the group for its shipbuilding and repair business, but also will reduce an over-reliance on its existing shipyard.
Titan Petrochemicals completed and satisfied with the results of legal, financial and commercial due diligence on Zhoushan Yatai. Also the company obtained the necessary approvals from the Stock Exchange on the Acquisition (and the shareholding structure of the Target Group) in connection with the VIE Structure.
Titan Petrochemicals announced that will continue to explore opportunities for further expansion of its shipbuilding business. It intends to increase its efforts in the ship repairing business through acquisitions in China’s coastal regions or to form alliances by leasing local large-scale ship repair bases to build up a leading ship repair platform in Asia.
Titan Petrochemicals Group is an investment holding company, provides logistics, transportation, distribution, and marine services for petrochemical products in the Asia Pacific region. It has strong strategic alliance with Keppel Offshore & Marine Ltd for further enhance positions in becoming a leading solutions provider in the offshore and marine industry in Asia Pacific region, in particular, in China.