Asia/Pacific News
Titan Shareholders Vote Against GDZR Deal
Titan Petrochemicals Group Ltd. (Titan) [HKG:1192] said Friday that its shareholders have voted overwhelmingly against a deal that would have seen Chinese oil trader Guangdong Zhenrong Energy Co. Ltd (GDZR) take control of almost 90 percent of the company through the subscription of new shares.
The deal was backed by just 7.31 percent of the vote.
The share subscription and debt restructuring proposal, which has been in development since last year, would have also seen the purchase of Titan founder and former chairman Tsoi Tin Chun's stake in the business, who resigned in July 2012.
"Titan regrets that the resolutions were not passed at the [Special General Meeting] SGM," the company's said in a joint press release issued Sunday, adding that is has "not deterred Guangdong Zhenrong's commitment," and will have "no impact on its capability in investing in Titan."
Titan emphasised that it is actively considering alternative funding and restructuring proposals and further announcements will be made as and when appropriate.
