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Titan Petrochemicals Group Limited Scheme of arrangement sanctioned by the Supreme Court of Bermuda

Titan Petrochemicals Group Limited
2014-11-06 23:35 3961

HONG KONG, Nov. 6, 2014 /PRNewswire/ -- Titan Petrochemicals Group Limited (HKSE stock code: 1192, "Titan" or "the Company", together with its subsidiaries the "Group") is pleased to announce that the proposed scheme of arrangement between the Company and Scheme Creditors under section 99 of the Companies Act (the "Scheme") was sanctioned by the Supreme Court of Bermuda on 5 November 2014 (Bermuda time).

The Scheme became effective and binding on all Scheme Creditors (as defined in the Scheme) on 5 November 2014when a copy of the order of the Supreme Court of Bermuda was delivered to the Bermuda Registrar of Companies in accordance with section 99 of the Companies Act.

"The Scheme was sanctioned by the Supreme Court of Bermuda. These positive responses have prompted a new chapter for Titan," said Titan's Chairman and CEO Mr. Zhao Xu Guang, "The sanction marks a significant milestone and major progress through a highly complicated restructuring exercise. With a view to develop a solid foundation for long-term business development and becoming a leading provider in the offshore and marine industry, after the trading resumed, the management team will continue to work extensively on the revitalization of business. We look forward to sharing with our stakeholders fruitful result in the not too distant future. "

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About Titan

Titan Petrochemicals Group Limited, listed on the Hong Kong Stock Exchange (Stock Code: 1192), is working on a series of restructuring plans with the support of Guangdong Zhenrong Energy Co. Ltd. In addition, Titan formed a strategic alliance with Keppel Offshore & Marine Ltd, 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, the largest shareholder of the Company, is a bulk commodities, energy and resources trading company, principally involved in the trading of oil products, non-ferrous metal erials, coal, chemical products among other products or services. It is a registered trader of crude oil, ned oil, coal and other chemical products, and is also involved in PRC and overseas with products in oil refineries and, storage facilities, together with logistics and other resources related thereto.

Source: Titan Petrochemicals Group Limited
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