GDZR Executive Takes Over as Titan CEO

Monday April 1, 2013

An executive from Guangdong Zhenrong Energy Co. Ltd (GDZR) has been appointed as the new chief executive of Titan Petrochemicals Group Ltd. (Titan) [HKG:1192], the company has announced.

Effective March 26 2013, Mr. Tang Chao Zhang took over as chief executive from Mr. Zhao Xu Guang, who was appointed the company's chairman and acting chief executive on July 3, 2012 following the departure of its previous chairman, and company founder, Mr. Tsoi Tin Chun.

Tang was described as a vice president of GDZR, and a director of its wholly owned subsidiary Fame Dragon International Investment Limited (Fame Dragon), the entity which GDZR has been using in its quest to acquire almost 90 percent of Titan as well as assets including its BVI storage.

Also effective March 26 2013, Titan appointed Mr. Fan Qinghua as a non-executive director of Titan.

Fan is a director and deputy general manager of GDZR, a director of Fame Dragon, and also holds a number of other executive positions with other GDZR interests.

Last month just 7.31 percent of Titan shareholders backed a deal that would have seen Chinese oil trader GDZR take control of almost 90 percent of the company through the subscription of new shares.