Titan Petrochemicals Group Limited, (“Titan” or the “Company”, together with its subsidiaries the “Group”, HKEX stock code: 1192), is working on a series of restructuring plans under the assistance of Guangdong Zhenrong Energy Co. Ltd (“GZE”). In addition, Titan formed a strategic alliance with Keppel Offshore & Marine Ltd (“Keppel O&M”), a wholly-owned subsidiary of Singapore-listed Keppel Corporation Limited. The co-operation with Keppel O&M will further enhance Titan’s position in becoming a leading solutions provider in the offshore and marine industry in Asia Pacific region, in particular, in China.
Guangdong Zhenrong Energy Co., Ltd (“GZE”), a bulk commodities, energy and resources trading company, became the Company’s major shareholder through share subscription in August 2012. GZE’s parent company is a State-owned enterprise and GZE was incorporated under the laws of the PRC. It is principally engaged in the trading of petroleum products, non-ferrous metals, coal and chemical products among other products or services. It is also in the business of onshore and offshore investments in petroleum refinery and warehousing and logistics terminal in relation to petroleum.
Introducing GZE as a major shareholder provides the Group with much needed financial support and strong backing for its future endeavours. The Group also sees potential synergy in the businesses of both parties. GZE has a strong management team with diverse and extensive experience in oil related industries. Titan will leverage the expertise of the GZE leadership to optimize operation efficiency and achieve sustainable growth.